This is probably the first battle of the "war" had promised Juan Luis Arregui, the vice-chairman of Iberdrola, EDF, it is less than a month in El Pais. Electrician Spanish filed Tuesday a complaint with the European Commission against the State french, accusing it of locking the capital of EDF. For the intentions of EDF to absorb Iberdrola has caused an earthquake in the energy sector and national concerns in Madrid. Without naming it, but by designating it by allusions, especially Arregui is wary of the enemy number 1 on the direction of Iberdrola, the strategic ally of the giant french: Florentino Perez. The former president of Real Madrid - until 2006 - which has built its reputation by recruiting stars price of gold (Zidane), occupies a prominent place in economic spheres.

Rentable. Patron of ACS, a leading Spanish BTP, Florentino Perez has continued to gain weight in the energy sector, much more profitable than construction. As a progressive, ACS has eaten 7.2% of Iberdrola's shares, with options to purchase an additional 5.2%. Enough to allow EDF to enter the capital of the Spanish electrician. A dream prey for the giant hexagonal, which aims to penetrate the market Anglo-Saxon (Iberdrola has absorbed the British and Scottish Power American Energy East) and to develop renewable energy.

For the time being, there is no urgency. Sarkozy has indicated that he would respect the will of Zapatero. But just one month before the law, the head of the Socialist government has little desire for a empoignade around Iberdrola. Especially since, for two years, its popularity has been undermined by the argument of Endesa, the first electrician Spanish and Italian Enel. But behind the scenes, Florentino Perez prepares its defences for the medium term. "That is the key of the situation. It may tilt the situation one way or another, "said a columnist for the daily el Economista. And the boss of ACS has reason to disrupt the landscape: the chairman of Iberdrola, Ignacio Sánchez Galán, notorious enemy, it prohibits access to the board of directors, despite the 7.2% (12.4% potentially) of the shares of ACS.

But Perez has an advantage: his group is the main shareholder (45%) of Union Fenosa, the ³ rd electrician in the country. His idea: create a "national champion" energy competitor Endesa. This new giant will be active from Iberdrola and Union Fenosa, which could join the Catalan Gas Natural Gas. It would oust the presidency Ignacio Sánchez Galán, and facilitate the entry of EDF.

For the current leadership Iberdrola, which holds 30% of capital, this is the worst case scenario: that would disband the electrician, confer the power to "a state company [EDF, editor's note] which is not a model of efficiency "and" would take our control while in Spain we have privatized public enterprises, "enrage Arregui.

Preventing. Order to protect the Spanish group called last week to the Authority Spanish energy regulator, the CNE, to limit the voting rights of its shareholder ACS, in order to prevent a joint offensive with EDF. This battle, too, is only just beginning.