Spain's Gas Natural SDG SA (GAS.MC) Friday said it will increase its capital to absorb a remaining 4.8% of Union Fenosa SA (UNF.MC) shares in order to complete its merger with Union Fenosa.

Gas Natural will issue 26.2 million new shares, a company press official said.

Gas Natural on Thursday had said it will swap three Gas Natural shares for five Fenosa shares to absorb the remaining Union Fenosa shares.

Gas Natural shares fell 2.5% to EUR12.02 at 1428 GMT Friday, while Union Fenosa shares fell 8.6% to EUR8.1.

Gas Natural earlier this month had secured 95.2% of Fenosa in its takeover bid, and Fenosa will be delisted.

The share swap ratio between Gas Natural and Fenosa for the outstanding 4.8% of Fenosa's free float is valued at EUR7.4 per Fenosa share and EUR30 per Gas Natural shares, Espirito Santo analyst Fernando Garcia said Thursday.

Company Web Site: http://www.gasnatural.com

-By Bernd Radowitz, Dow Jones Newswires, 34-91-395-8125, bernd.radowitz@dowjones.com
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