Shares of Gas Natural, Unión Fenosa and Spanish construction company Actividades de Construcción y Servicios SA, which is selling its 45.3% stake in Fenosa, were suspended from trading Wednesday morning following the announcement.
"The meeting is scheduled for 4 p.m. this afternoon and will discuss Unión Fenosa," said a Gas Natural spokesman.
Spain's No. 2 utility Gas Natural has emerged as the favorite to buy Fenosa, which ranks No. 3 in Spain, after it last week confirmed it was in talks with ACS.
The builder put the stake on the block July 17 and said that it was in talks with "various companies." The holding is worth about €6.6 billion ($10.4 billion), based on Fenosa's current market capitalization of €14.57 billion.
Under Spanish law, the purchase of 30% or more of a company obliges the buyer to bid for all remaining shares.
- Paul Whitfield
