Homepage / Share Market / Italy's Enel accuses Spain's Iberdrola of 'aggressive' tactics in Brazilian power struggle
Alibaba’s Jack Ma says bitcoin is 'likely' a bubble while embracing its underlying blockchain tech Netflix is on pace for its worst day in 2 years Carnival shares plunge the most in 2 years after slashing full-year forecast Even amid a potential trade war, US stocks are still beating the rest of the world Chip stocks plunge after Trump's reported plan to restrict foreign technology investment Apple will have a special news section for the midterm elections, curated by human editors Amazon could double Whole Foods' customer base with Prime perks: Analyst Goldman Sachs-backed Circle sees boom in crypto demand from institutional investors, despite bear market Treasury Secretary Mnuchin says investment restrictions will apply to 'all countries that are trying to steal our technology' Former Starbucks CEO Howard Schultz calls the stock ‘cheap,’ but some say it’s cheap for a reason AT&T to buy online ad firm AppNexus US new home sales surge in May Buy AMD because of its ‘generational opportunity’ to gain share against Intel: Bank of America 'This isn't even a tech index': Ex-NYSE president Tom Farley throws shade at the Nasdaq Legendary investor Bill Miller reveals the biggest mistake value investors are making now Majority of Americans approve of Trump's handling of the economy for the first time: CNBC survey Microsoft given buy rating because of cloud computing growth Intel is downgraded due to ‘lack of leadership’ after CEO resignation; shares fall Here are 5 reasons why your portfolio isn't performing well China extends its lead as the most prolific make of supercomputers Uber kicks off a fight to keep operating in one of its most important cities Erdogan wins more power, and it might not help Turkey's economy Beyond the South China Sea: Beijing may target these waterways next European markets seen lower on trade, migration concerns India has proposed a new fix for its bad debt problem. It may not be enough One of the world's hottest property markets is readying a contentious change US to give North Korea post-summit timeline with 'asks' soon, official says Trump is reportedly planning major new restrictions against China Asia set for a cautious open as US-China trade tensions simmer Many companies at Cannes Lions had yachts, but Google, Facebook, Spotify and Twitter have beaches Tech could soon turn into the market's headache: Wells Fargo's Chris Harvey Forget millennials: Here's a good reason why Apple should hire your grandmother How Amazon's roaring success selling batteries is making it wonder which market it can disrupt next A company is showing how blockchain is more than just cryptocurrency — it can also cut food waste AT&T and Verizon have drones that could provide cell service and save lives this hurricane season How the Supreme Court may have made Web shopping pricier for just about everyone but Amazon How to choose between an Amazon Echo, a Google Home and an Apple HomePod Electric scooters draw hordes of investors and avid users — but a number of critics as well This floating robotic factory will build satellites and spaceships in orbit Meet the man whose job it is to reassure people that Google search isn’t evil Euro is here to stay: German finance minister China's ZTE expected to take last step to lift ban Cramer Remix: The best way to play the stress test results Red Hat CEO on earnings-led stock drop: 'I would encourage investors to look long term' Apple launches free repair program for MacBook and MacBook Pro keyboards The founder of JetBlue is about to start a new airline Tesla is suing an ex-employee for hacking into its 'MOS' software — here's what that system does Morgan Stanley sees 'a pattern forming' of the space industry developing like self-driving cars Buy Intel shares because its CEO change will not hurt the chipmaker: Credit Suisse Xiaomi reportedly awards founder $1.5 billion in stock ahead of IPO Tesla reports another fire at Fremont factory Tesla shares drop after analyst raises concern over a rise in its services costs Increased threat of a trade war is ramping up fears of a 'full-blown recession' CarMax shares surge to record high, on pace for their best day in 4 years If energy can clear one hard-to-break level, it’s off to the races, chart watcher says Warren Buffett: 'Any time the market takes a sharp dive,' read this book Supreme Court rules warrants required for cellphone location data Trump urges OPEC to 'keep prices down' as oil cartel's meeting wraps up Cramer: Strength in tech and retail has 'masked' weakness in the broader market Buy EA shares because it is ‘building a Netflix for video games’: Needham What’s at stake in Turkey’s elections, and why Erdogan could actually lose Facebook’s ‘lack of accountability’ in its data scandal spurs European sustainability fund to dump shares Goldman Sachs: GE should suspend dividend for the next 18 months OPEC ministers strike deal on oil production levels Stocks making the biggest moves premarket: BB, MDT, URI, JPM, BAC & more Pro tips on taking great video of your vacation — right from your phone All 35 times the market did this, stocks ended the year higher Bitcoin tumbles after Japan watchdog orders exchanges to beef up practices against money laundering Husband cheating? Ashley Madison says member signups spiked in these cities last year James Comey: Public anger about migrant children is ‘why Trump ran’ from the policy Chinese stocks are flirting with bear market territory as trade worries fester BlackBerry posts quarterly loss Friday will likely be the year's biggest stock market volume day with big action in Apple, JP Morgan Rival Koreas agree to reunions of war-separated families US companies like Micron are accusing China of intimidation and outright theft to dominate tech Disney said it's willing to divest more Fox assets for to get a deal cleared by regulators Tesla is preparing to close a dozen solar facilities in 9 states Uber driver was streaming Hulu show 'The Voice' just before self-driving car crash: Police report OPEC heads into showdown over oil output, with Saudi Arabia and Iran on different sides Chinese media says US has 'delusions' as impact of trade war spreads YouTube introduces paid subscriptions and merchandise selling in bid to help creators monetize the platform Airbus says no-deal Brexit would force it to reconsider UK presence European stocks seen slightly higher ahead of OPEC meeting Euro zone hits 'historic moment' as it closes eight years of financial support to Greece Trade tensions are the biggest risk for the euro zone, the IMF says With freedom to drive, Saudi Arabia's women could change the economy Taiwan's Foxconn says biggest challenge is US-China trade war Euro zone agrees on debt relief package for Greece Asian shares set to decline, taking cues from Wall Street's losses; OPEC meeting ahead Chevrolet is bringing back the Blazer as a crossover Cramer Remix: It was the hottest group in the market until Red Hat reported SpaceX’s Falcon Heavy rocket wins Air Force certification and a $130 million contract Cramer goes out on a limb in support of chipmaker Micron Okta CEO explains why his cybersecurity company has a leg up on big-name tech giants like Microsoft Cramer: CEO change aside, Intel's stock is too cheap at these levels The head of Amazon's marketplace has lost most of his authority amid internal shake-up Alphabet reportedly may spin out molten-salt project with Bill Gates' $1 billion energy fund Red Hat slides on low guidance Tax automation company soars after Supreme Court decision Why Amazon is the winner of the Supreme Court sales tax ruling

Share Market

Italy's Enel accuses Spain's Iberdrola of 'aggressive' tactics in Brazilian power struggle

The CEO of Italy’s largest utility firm says he’s been left stunned by the tactics deployed by Spain’s Iberdrola, amid a bitter feud over Brazil’s largest power distributor.

Europe’s top two utilities, Enel and Iberdrola, are in the midst of a fierce battle to secure the assets of Brazil’s Electropaulo. The South American grid operator became one of the world’s most prized power assets last month, prompting Italy’s Enel and Spain’s Iberdrola to lock horns and try to outbid one another for control of the company.

Tensions were frayed further when Iberdrola wrote to the European Commission in April, accusing state-controlled Enel of using the weight of the Italian government to allow it to make investment decisions it would otherwise not be able to submit.

Speaking on the sidelines of the St. Petersburg International Economic Forum (SPIEF), Enel CEO Francesco Starace told CNBC Friday that he could not understand the “testosterone” fueled efforts of Iberdrola.

When asked whether he was disappointed by the Spanish firm’s decision to write to the European Commission, the executive arm of the EU, he replied: “No I’m not disappointed, I’m a little bit surprised. They seem to be so aggressive on this bid (when) it is just a nice deal, it is not the deal of the century or the deal of the year even.”

“We are a large company, they are also a large company, we are not going to die or whatever if we don’t make this deal,” he added.

Brazil is seen as a strategic market space for Iberdrola because it helped drive a 24 percent rise in core profits over the first three months of the year.

Meanwhile, for Enel, a deal to secure Electropaulo’s assets would reportedly double its client base to approximately 17 million.

A spokesperson for Iberdrola was not immediately available for comment when contacted by CNBC.

Source: cnbc europe
Italy's Enel accuses Spain's Iberdrola of 'aggressive' tactics in Brazilian power struggle

Comments are closed.