E.On Offers $34.7 Billion for Endesa

Germany utility giant E.On AG launched a surprise $34.7 billion takeover bid Tuesday for Endesa SA, Spain’s largest electricity generator.

The amount being offered tops a hostile bid for Endesa by Gas Natural SDG SA, another Spanish company, the Financial Times reported.

E.On, the world’s largest utility by customers, said its offer was for 100 percent of Endesa and that it would only progress if it could acquire at least 50.01 percent of the outstanding shares.