088经济学家读译参考之八十八：能源之争－欧洲公用事业掀起归并风潮.docxVIP

TEXT 88 European utilities欧洲公用事业 Power struggles 能源之争（陈继龙 编译） Nov 30th 2006 From The Economist print edition Political and business interests collide as Europes energy firms consolidate 欧洲能源公司归并引发政治与商业利益冲突。 “WE expected a wave—but what happened was a tsunami,” says Emmanuel Turpin, a utilities analyst at Morgan Stanley, an investment bank. Energy-industry insiders predicted a series of mergers and acquisitions in European utilities at the beginning of this year. But hardly anyone expected the announcement in February of two of the biggest-ever takeovers in corporate Europe: the bid for Endesa,