Wulf Bernotat, CEO of German utility group E.ON smiles before the start of the company's annual news conference in Duesseldorf, March, 09, 2006. Cash-rich E.ON has no intention to raise its offer for [Spain's Endesa], the chief executive of the German utility said on Thursday. 

Wulf Bernotat, CEO of German utility group E.ON smiles before the start of the company's annual news conference in Duesseldorf, March, 09, 2006. Cash-rich E.ON has no intention to raise its offer for [Spain's Endesa], the chief executive of the German utility said on Thursday. 

Wulf Bernotat, CEO of German utility group E.ON laughs before the start of the company's annual news conference in Duesseldorf, March, 09, 2006. Cash-rich E.ON has no intention to raise its offer for [Spain's Endesa], the chief executive of the German utility said on Thursday. 

Wulf Bernotat, CEO of German utility group E.ON is surrounded from journalists after the company's annual news conference in Duesseldorf, March 9, 2006. Cash-rich E.ON has no intention to raise its offer for Spain's Endesa, the chief executive of the German utility said on Thursday. REUTERS/Kirsten Neumann 

Wulf Bernotat, CEO of German utility group E.ON smiles before the company's annual news conference in Duesseldorf, March 9, 2006. Cash-rich E.ON has no intention to raise its offer for Spain's Endesa, the chief executive of the German utility said on Thursday. REUTERS/Kirsten Neumann 

Wulf Bernotat, CEO of German utility group E.ON smiles during the company's annual news conference in Duesseldorf, March 9, 2006. Cash-rich E.ON has no intention to raise its offer for Spain's Endesa, the chief executive of the German utility said on Thursday. REUTERS/Kirsten Neumann 

Wulf Bernotat, CEO of German utility group E.ON smiles during the company's annual news conference in Duesseldorf, March 9, 2006. Cash-rich E.ON has no intention to raise its offer for Spain's Endesa, the chief executive of the German utility said on Thursday. REUTERS/Kirsten Neumann 

Wulf Bernotat, CEO of German utility group E.ON speaks at the start of the company's annual news conference in Duesseldorf, March, 09, 2006. Cash-rich E.ON has no intention to raise its offer for Spain's Endesa, the chief executive of the German utility said on Thursday. REUTERS/Kirsten Neumann 

Wulf Bernotat, CEO of German utility group E.ON laughs before the start of the company's annual news conference in Duesseldorf, March, 09, 2006. Cash-rich E.ON has no intention to raise its offer for Spain's Endesa, the chief executive of the German utility said on Thursday. REUTERS/Kirsten Neumann 

Wulf Bernotat, CEO of German utility group E.ON smiles before the start of the company's annual news conference in Duesseldorf, March, 09, 2006. Cash-rich E.ON has no intention to raise its offer for Spain's Endesa, the chief executive of the German utility said on Thursday. REUTERS/Kirsten Neumann 

Wulf Bernotat, CEO of German utility group E.ON gestures before the start of the company's annual news conference in Duesseldorf, March, 09, 2006. Cash-rich E.ON has no intention to raise its offer for Spain's Endesa, the chief executive of the German utility said on Thursday. REUTERS/Kirsten Neumann 

Wulf Bernotat, CEO of German utility group E.ON gestures before the start of the company's annual news conference in Duesseldorf, March, 09, 2006. Cash-rich E.ON has no intention to raise its offer for Spain's Endesa, the chief executive of the German utility said on Thursday. REUTERS/Kirsten Neumann 

Wulf Bernotat, CEO of German utility group E.ON laughs before the start of the company's annual news conference in Duesseldorf, March, 09, 2006. Cash-rich E.ON has no intention to raise its offer for Spain's Endesa, the chief executive of the German utility said on Thursday. REUTERS/Kirsten Neumann 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, speaks during a news conference in Madrid February 21, 2006. [E.ON launched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low.] 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, smiles at the start of his news conference in Madrid February 21, 2006. [E.ONlaunched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low.] 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, gestures during his news conference in Madrid February 21, 2006. [E.ON launched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low.] 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, gestures during his news conference in Madrid February 21, 2006. E.ON launched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low. REUTERS/Sergio Perez 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, speaks during a news conference in Madrid February 21, 2006. E.ON launched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low. REUTERS/Sergio Perez 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, attends a news conference in Madrid February 21, 2006. E.ON launched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low. REUTERS/Sergio Perez 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, attends a news conference in Madrid February 21, 2006. E.ON launched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low. REUTERS/Sergio Perez 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, speaks during his news conference in Madrid February 21, 2006. E.ON launched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low. REUTERS/Sergio Perez 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, smiles at the start of his news conference in Madrid February 21, 2006. E.ONlaunched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low. REUTERS/Sergio Perez 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, makes a point during his news conference in Madrid February 21, 2006. E.ON launched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low. REUTERS/Sergio Perez 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, gestures at the start of his news conference in Madrid February 21, 2006. E.ON launched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low. REUTERS/Sergio Perez 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, gestures during his news conference in Madrid February 21, 2006. E.ON launched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low. REUTERS/Sergio Perez 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, gestures during his news conference in Madrid February 21, 2006. E.ON launched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low. REUTERS/Sergio Perez 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, speaks during a news conference in Madrid February 21, 2006. E.ON launched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low. REUTERS/Sergio Perez 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, attends a news conference in Madrid February 21, 2006. E.ON launched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low. REUTERS/Sergio Perez 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, attends a news conference in Madrid February 21, 2006. E.ON launched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low. REUTERS/Sergio Perez 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, speaks during his news conference in Madrid February 21, 2006. E.ON launched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low. REUTERS/Sergio Perez 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, smiles at the start of his news conference in Madrid February 21, 2006. E.ONlaunched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low. REUTERS/Sergio Perez 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, makes a point during his news conference in Madrid February 21, 2006. E.ON launched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low. REUTERS/Sergio Perez 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, gestures at the start of his news conference in Madrid February 21, 2006. E.ON launched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low. REUTERS/Sergio Perez 

Wulf H. Bernotat, Chairman and chief executive officer of cash-rich German utility E.ON, gestures during his news conference in Madrid February 21, 2006. E.ON launched a bid on Tuesday for Spanish peer Endesa at 27.50 euros per share in cash, trumping an offer from rival Gas Natural. E.ON said it could create the world's top gas and power company with its bid of around 29.1 billion euros ($35 billion), which tops an unsolicited 22 billion-euro offer from Gas Natural. Endesa has been fighting the Gas Natural offer which it says is too low. REUTERS/Sergio Perez 

Gazprom's chief executive Alexei Miller (C) speaks with E.ON Chairman Wulf Bernotat (L) and Juergen Hambrecht, Chairman of the Board of Executive Directors of BASF, after the construction launch of the North European Gas Pipeline near the town of Babayevo in the Vologda region some 650 km (403.8 miles) northeast from Moscow December 9, 2005. Russian gas giant Gazprom officially started work on a new Baltic Sea pipeline on Friday to supply Siberian gas direct to German and bypass possible clashes with Russia's ex-Soviet neighbours. REUTERS/Alexander Natruskin 

Russian President Vladimir Putin (C) and German Chancellor Gerhard Schroeder (2R) pose with Wulf Bernotat (R) of German EON AG, Alexei Miller (2L) of Russia's Gazprom and Juergen Hambrecht (L) of German BASF after a signing ceremony in Berlin September 8, 2005. The leaders of Russia and Germany gave their blessing on Thursday to a gas pipeline deal that cements Berlin's energy ties to Moscow but which Poland and others fear leaves them vulnerable to the whims of the Kremlin. REUTERS/Arnd Wiegmann AKW/CVI 

Russian President Vladimir Putin (2L) and German Chancellor Gerhard Schroeder (2R) shake hands with Wulf Bernotat (R) of German EON AG, Alexei Miller (C) of Russia's Gazprom and Juergen Hambrecht (L) of German BASF after a signing ceremony in Berlin September 8, 2005. The leaders of Russia and Germany gave their blessing on Thursday to a gas pipeline deal that cements Berlin's energy ties to Moscow but which Poland and others fear leaves them vulnerable to the whims of the Kremlin. REUTERS/Arnd Wiegmann AKW/CVI 

Russian President Vladimir Putin (back L) and German Chancellor Gerhard Schroeder (back R) attend a signing ceremony in Berlin September 8, 2005. The officials at the front row signing the contract are: Wulf Bernotat of German EON AG, Alexei Miller of Russia's Gazprom and Juergen Hambrecht of German BASF (R-L). The leaders of Russia and Germany gave their blessing on Thursday to a gas pipeline deal that cements Berlin's energy ties to Moscow but which Poland and others fear leaves them vulnerable to the whims of the Kremlin. REUTERS/Arnd Wiegmann AKW/CVI 

Bernotat, CEO of German utility group E.ON pauses before the start of the company's annual news conference in Duesseldorf. Wulf Bernotat, CEO of German utility group E.ON pauses before the start of the company's annual news conference in Duesseldorf, March 10, 2005. E.ON said on Thursday it was studying prospects for entering the liquefied natural gas (LNG) market to diversify its pipeline-based gas business. REUTERS/Kirsten Neumann 

Bernotat, CEO of German utility group E.ON poses before the start of the company's annual news conference in Duesseldorf. Wulf Bernotat, CEO of German utility group E.ON poses before the start of the company's annual news conference in Duesseldorf, March 10, 2005. E.ON said on Thursday it was studying prospects for entering the liquefied natural gas (LNG) market to diversify its pipeline-based gas business. REUTERS/Kirsten Neumann 

Bernotat, CEO of German utility group E.ON gestures before the start of the company's annual news conference in Duesseldorf. Wulf Bernotat, CEO of German utility group E.ON gestures before the start of the company's annual news conference in Duesseldorf, March 10, 2005. E.ON said on Thursday it was studying prospects for entering the liquefied natural gas (LNG) market to diversify its pipeline-based gas business. REUTERS/Kirsten Neumann 

Bernotat, CEO of German utility group E.ON gestures before the start of the company's annual news conference in Duesseldorf. Wulf Bernotat, CEO of German utility group E.ON gestures before the start of the company's annual news conference in Duesseldorf, March 10, 2005. E.ON said on Thursday it was studying prospects for entering the liquefied natural gas (LNG) market to diversify its pipeline-based gas business. REUTERS/Kirsten Neumann