The Italian utility Enel and the Spanish construction conglomerate Acciona said Friday that they were working on a bid for the Spanish utility Endesa.
Spanish regulators immediately moved to block them and gave the German energy giant E.On, which has been trying to win control of Endesa for a year, another chance to raise its bid of 41 billion euros ($54.8 billion).
Enel bought its way into the middle of one of Europe’s biggest takeover battles this month by buying 10 percent of Endesa and obtaining options to buy nearly 15 percent more.
Acciona owns 21 percent and seems willing to ally itself with the Italian company to bid for all of Endesa.
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