A 10% stakeholder in Endesa, the Spanish power group, has reportedly slammed the €37.1bn ($46.7bn) takeover offer by Germany's E.On, on the morning the target's board is to voice its opinion on the deal.

In a report in La Vanguardia Spanish savings bank Caja Madrid said E.On's offer, the largest takeover bid in Europe this year, was too low. Credit Suisse is advising Caja Madrid.