Corporate Robbery - state sanctioned

In the Gas Natural v.s Endesa takeover battle, a report in El Mundo today states that the Chairman of Endesa doubled his personal holding in Endesa on Friday (news broke of the takeover offer on the following Monday).
Even though Endesa has rejected the takeover offer as hostile and insufficient, the Chairman seems to have decided that he can personally profit from the move. Claims by company representatives that there is no connection between the two events just aren't enough. The CNMV needs to get on the case double quick, examine all trading in Endesa and Gas Natural derivatives as well and come down very hard if there is evidence of wrong doing.
So much for corporate governance ... let's not allow state sanctioned corporate greed.

As an afterthought, the Chairman could quickly off-load his recent purchase (50,000 shares) and donate the profits to the Katrina hurricane victims or a similar cause closer at home - US$100,000 may not be a big contribution, but its a big profit on holding shares for two or three days.