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M&A activity hots up in utility sector

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The utility sector is seeing an increase in merger and acquisition activity. Spanish construction company Actividades de Construccion y Servicios (ACS) surprised the market by buying Santander's 22% stake in utility Union Fenosa for EUR33 a share, a 24% premium to the pre-offer share price.

ACS will set up a new energy division so it can gain more exposure to the Spanish energy sector. "Should this remain an equity investment by ACS, it could potentially reduce the chance of a takeover of Fen

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