* Faces 10 bln euros of debt maturing in 2011
* 2.5 billion euro bond issue could ease concerns
* Sale of Indra stake, Mexican assets on the cards
* Further cost savings from Fenosa deal possible
By Jonathan Gleave
MADRID, June 25 (Reuters) - Approval for Gas Natural's Union Fenosa purchase is a done deal at Friday's AGM but shareholders may still seek reassurance on the group's finances after a surprise cash call by rival Iberdrola.
Gas Natural's 2.5 billion euro, five-year bond issue on Wednesday allays some financing concerns, but shareholders will want to know whether other measures to service its debt are up to scratch given the 10 billion euros of maturities due in 2011.
The gas group is expected to reassure investors that further cash calls are not necessary and its plan to sell 3 billion euros of assets is still feasible, despite over 60 billion euros of energy assets up for sale across Europe.
Spanish peer Iberdrola said that part of the reason for its surprise 1.35 billion euro share issue last week was to avoid fire sales of assets, and analysts say a further cash call cannot be ruled out by Gas Natural, which has already made a 3.4 billion euros rights issue this year.
Gas Natural has already sold the most liquid assets of its 3 billion euro divestment plan -- stakes in Cepsa, REE and grid operator Enagas -- and raised 727 million euros in the process, but the hard part is yet to come.
The only other stake sale on the cards is 15 percent of IT firm Indra, which would give Gas Natural a further 364 million euros at its current share price.
Gas Natural is likely to hold off on the sale of the 600,000 gas supply points and 2 gigawatts of electricity generation ordered by the Spanish authorities when they approved the 16 billion euro Fenosa bid due to the weak European market.
It could however give investors a clue as to what other assets it could be planning to sell, such as high pressure gas transport assets to Enagas, or power plants in Mexico, which Gas Natural has already said it could sell.
Gas Natural has said it will not release a new strategic plan, which factors in the 16 billion euro Fenosa buy, until the fourth quarter at the earliest, although cost savings from the deal could be announced earlier.
However it is unlikely Gas Natural will unveil more aggressive estimates of synergies from its takeover of Fenosa given that only a week ago it announced that the deal would save it 100 million euros on investments and 800 million euros in tax. (Reporting by Jonathan Gleave; Editing by Jon Loades-Carter)