Brussels/Endesa:Battle rejoined

The battle for Spanish utility Endesa is almost one year old - and it has become a joke. The tussle has embarrassed companies and national governments; infuriated the European Commission; and, thanks to a string of suits and countersuits, left investors waiting helplessly on the sidelines. They haven’t even had a chance to comment on the two rival offers: one for E23bn by Gas Natural, sponsored by Madrid, and the other for E29bn from Germany’s E.on. But now, at last, the screw may be starting to...