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