Union Fenosa SA chairman Pedro Lopez Jimenez said the group would be prepared to take on Enel SpA's part in their renewables joint venture if circumstances change following the Italian utility's stakebuying in Endesa SA.
In reply to journalists questions on whether Fenosa would buy Enel's 50 pct in Enel Union Fenosa Renovables (EUFER), Lopez Jimenez said 'basically yes'.
But the chairman highlighted that Fenosa has no current plans to increase its stake and that a buyout of Enel's share would only be considered if regulatory requirements compelled the Italian group to sell its holding.
'We have always got along very well with Enel... we will continue to do so and if circumstances change, we will proceed in a manner which is constructive for both companies,' he said.
Lopez Jimenez also talked about Fenosa's plans to continue with its stand-alone strategy, playing down speculation that 42 pct-stake holder Actividades de Construccion y Servicios SA plans to merge the utility with peer Iberdrola SA, in which it holds 12.4 pct.
'Fenosa has a business development project and we will continue working every day towards that,' he said.
The Galician utility's BIGGER strategic plan for 2007-2011 is seen by analysts as a concerted defence of its standalone strategy. Commenting on full-year results, Lopez confirmed that the utility has met the targets in its 2003-2007 strategic plan one year ahead of schedule.
In reply to journalists questions on whether Fenosa would buy Enel's 50 pct in Enel Union Fenosa Renovables (EUFER), Lopez Jimenez said 'basically yes'.
But the chairman highlighted that Fenosa has no current plans to increase its stake and that a buyout of Enel's share would only be considered if regulatory requirements compelled the Italian group to sell its holding.
'We have always got along very well with Enel... we will continue to do so and if circumstances change, we will proceed in a manner which is constructive for both companies,' he said.
Lopez Jimenez also talked about Fenosa's plans to continue with its stand-alone strategy, playing down speculation that 42 pct-stake holder Actividades de Construccion y Servicios SA plans to merge the utility with peer Iberdrola SA, in which it holds 12.4 pct.
'Fenosa has a business development project and we will continue working every day towards that,' he said.
The Galician utility's BIGGER strategic plan for 2007-2011 is seen by analysts as a concerted defence of its standalone strategy. Commenting on full-year results, Lopez confirmed that the utility has met the targets in its 2003-2007 strategic plan one year ahead of schedule.
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