MADRID, Oct 30 (Reuters) - Gas Natural's bid for fellow Spanish utility Union Fenosa should be completed by June 2009, Union Fenosa said on Thursday after reporting nine-month results in line with expectations.
Gas Natural originally estimated that the deal would be completed in April, although some analysts expected it to be closed even earlier. Shares dipped lower after news of the pushed-out deadline.
Chief Executive Honorato Lopez Isla said he expected the deal to get approval from the Spanish competition authorities by the beginning of January and the process to complete later in the year.
"I think.... we will be in May or June when the process is finished," Isla told analysts in a conference call.
Earlier, Fenosa reported earnings before interest, tax, depreciation and amortisation (EBITDA) for the nine months of 1.666 bln euros, up 9 percent from a year earlier and in line with a Reuters poll forecast for 1.669 bln euros.
One analyst said he still expected the takeover to complete earlier than next summer.
"Our opinion is that the deal will close some months before this date," said Antonio Lopez at Fortis.
No one at Gas Natural was available to comment on Isla's remarks.
Gas Natural agreed to buy an initial stake of 9.9 percent in Union Fenosa when it announced the takeover plan on July 30, while also agreeing to acquire the full 45.3 percent stake in Fenosa held by debt-laden building company ACS.
The bid for Fenosa follows two unsuccessful attempts by Gas Natural to acquire Spanish electricity firms Iberdrola and Endesa.
Analysts are still betting that Gas Natural's 18.33 euros per share bid for Fenosa will succeed despite it hingeing on loans of over 19 billion euros in difficult credit market conditions.
The Spanish government has made it clear it favours the creation of a national energy champion to fend off foreign takeovers.
At 1417 GMT Gas Natural shares were up 3.22 percent at 23.43 euros per share, while Union Fenosa was down 1.56 percent at 16.37 euros, well below the 18.33 euros the Catalan gas company is offering for its shares.
The IBEX leading share index was up 3.25 pct.

(Reporting by Jonathan Gleave; Editing by Sharon Lindores) Keywords: FENOSA/ tf.TFN-Europe_newsdesk@thomsonreuters.com cmr

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