摘要：On March 11st 2003, Gas Natural SDG (GN) agreed to launch a TOB (takeover bid) over Iberdrola, that was notified to the spanish Servicio de Defensa de la Competencia (SDC) on March 14th 2003, and registered in the spanish Tribunal de Defensa de la Competencia (TDC) on April 24th 2003. This is an answer to the trends already happening in other countries, due to the convergence of gas and electricity business. The TOB was inmediately considered hostile by electrical company and its main shareholders. In this paper, this operation is analized in detail, as well as its implications for the future competition in the gas and the electricity sector, or the opportunity that represent for the business restructuring of the energetic sector.
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