The first half of his column was about the rumours that EDF and ACS are preparing a takeover (and subsequent carveup) of Iberdrola (whose shares shot up on the rumours).

He said that utilities are awash in cash and that whenever a takeover target arises they all get really interested in it. What I wasn't able to get form the front-page news story or from the "European View" column was why Iberdrola is suddenly a takeover target. Has anything happened to make Iberdrola more vulnerable? Or is this just the result of Banks' Mergers and Acquisitions departments whispering in the ears of EDF and ACS?

We have met the enemy, and he is us — Pogo