UnionFenosa SA chairman Pedro Lopez Jimenez said the group would be preparedto take on Enel SpA's part in their renewables joint venture ifcircumstances change following the Italian utility's stakebuying inEndesa SA.
In reply to journalists questions on whether Fenosawould buy Enel's 50 pct in Enel Union Fenosa Renovables (EUFER), LopezJimenez said 'basically yes'.
But the chairman highlighted thatFenosa has no current plans to increase its stake and that a buyout ofEnel's share would only be considered if regulatory requirementscompelled the Italian group to sell its holding.
'We have alwaysgot along very well with Enel... we will continue to do so and ifcircumstances change, we will proceed in a manner which is constructivefor both companies,' he said.
Lopez Jimenez also talked aboutFenosa's plans to continue with its stand-alone strategy, playing downspeculation that 42 pct-stake holder Actividades de Construccion yServicios SA plans to merge the utility with peer Iberdrola SA, inwhich it holds 12.4 pct.
'Fenosa has a business development project and we will continue working every day towards that,' he said.
TheGalician utility's BIGGER strategic plan for 2007-2011 is seen byanalysts as a concerted defence of its standalone strategy. Commentingon full-year results, Lopez confirmed that the utility has met thetargets in its 2003-2007 strategic plan one year ahead of schedule.
In reply to journalists questions on whether Fenosawould buy Enel's 50 pct in Enel Union Fenosa Renovables (EUFER), LopezJimenez said 'basically yes'.
But the chairman highlighted thatFenosa has no current plans to increase its stake and that a buyout ofEnel's share would only be considered if regulatory requirementscompelled the Italian group to sell its holding.
'We have alwaysgot along very well with Enel... we will continue to do so and ifcircumstances change, we will proceed in a manner which is constructivefor both companies,' he said.
Lopez Jimenez also talked aboutFenosa's plans to continue with its stand-alone strategy, playing downspeculation that 42 pct-stake holder Actividades de Construccion yServicios SA plans to merge the utility with peer Iberdrola SA, inwhich it holds 12.4 pct.
'Fenosa has a business development project and we will continue working every day towards that,' he said.
TheGalician utility's BIGGER strategic plan for 2007-2011 is seen byanalysts as a concerted defence of its standalone strategy. Commentingon full-year results, Lopez confirmed that the utility has met thetargets in its 2003-2007 strategic plan one year ahead of schedule.
