Foreign Targets Greater Than $100M

August 11, 2008

Target: Union Fenosa SA (4911)

Pvd elec svcs

Spain

Acquiror: Gas Natural SDG SA (4923)

Pvd natural gas distn svcs

Spain

UBS Investment BankDeal InformationValue:

Type:

Announced:14,271.5

Merger

07/30/08SPAIN - Gas Natural SDG SA (GN) planned to launch a mandatory tender offer to acquire the remaining 54.695% interest, or 499.93 mil ordinary shares, which it did not already own, in Union Fenosa SA (UF), a Madrid-based provider of electric power services, for 18.33 euros ($28.547 US) in cash per share, or a total value…

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