The merger would create the world’s largest power and gas company serving more than 50 million customers in more than 30 countries.

The bid trumps an earlier 22-billion euro hostile takeover bid by Spanish gas giant Gas Natural and is expected to be viewed more favourably by Endesa shareholders. Endesa is due to give its view on the E.ON bid following a board meeting on Tuesday afternoon.

The E.ON offer is considered by many analysts to be far better for market competition in the Spanish gas and