Battle begins for Auna

Kohlberg Kravis Roberts, the US private equity group, is reported to have put forward an offer of around E12.3bn for 100% of Auna, the Spanish telecommunications group. This news comes a day after it was revealed that Apax, Blackstone and CVC had increased their E11bn offer put forward in November to approximately E12bn. The three main shareholders, Endesa, Union Fenosa and BSCH, which together hold 83% of the company's equity, have appointed Merril Lynch to assess the offers put forward by the two groups. It now seems increasingly unlikely that the E2.6bn bid tabled earlier by the Spanish cable company, ONO, for the partial sale of Auna's cable assets, will be successful. This offer was backed by Carlyle and Providence Equity Partners.

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• Southern Europe