Simplicity versus complexity. Those were the words investors were using on Tuesday to describe Eon’s €29.1bn ($34.8bn) bid for Endesa compared with Gas Natural’s bid for the Spanish utility.

Eon’s all-cash offer of €27.50 a share easily beats the cash-and-shares offer by Gas Natural, which currently values Endesa shares at about €21.20. It seems designed – though probably in vain – to try to avoid much of the political drama that has ensnared Gas Natural’s unsolicited €22.7bn offer for Endesa.