Spain's Gas Natural SDG SA (GAS.MC) on Wednesday named four executives to the board of Union Fenosa SA (UNF.MC), shortly after gaining control of a majority stake in the power utility.

In a press release, Gas Natural said its Chairman Salvador Gabarro will preside over Fenosa's board as new chairman. It also named Gas Natural Chief Executive Rafael Villaseca to the board, and said he will be proposed as CEO at Fenosa.

Gas Natural board members Francisco Reynes and Fernando Ramirez were also named to the board.

Gas Natural Feb. 26 said it acquired an additional 35.3% stake electricity company Fenosa from construction company Actividades de Construccion y Servicios SA (ACS.MC), bringing its overall stake in Fenosa to 50.02%.

Of the 10 ACS members on Fenosa's board, nine stepped down and one member remained but will no longer represent the construction company.

Under Spanish legislation the Gas Natural is also obliged to launch a bid for all of Fenosa.

After having completed the bid, Gas Natural will name further Fenosa board members.

Gas Natural last year announced its intention to buy ACS's stake in Fenosa. At the time, Fenosa was valued at EUR16.75 billion.

Company Web site: www.unionfenosa.es

-By Bernd Radowitz, Dow Jones Newswires, +34-91-395-8120, bernd. radowitz@dowjones.com (Christopher Bjork contributed to this article.)
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