Four top directors of Spain's Gas Natural (GN) joined the board of Union Fenosa on Wednesday, after GN increased its stake in Fenosa to 50.2% last week (IOD Feb.27,p8). GN Chairman Salvador Gabarro was named Fenosa chairman. GN Chief Executive Rafael Villaseca and co-directors Francisco Reynes and Fernando Ramirez also joined the board. The GN board nominated Rafael Villaseca to become Fenosa chief executive on completion of the takeover. GN said its new members joined Fenosa's board after the departure of ACS representatives. GN said the takeover is "about to enter its final phase," with its offer for Fenosa shares it does not already own due this month. That could mean completion in April-May.
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