New buyers have offered 43,4 billion dollars for Endesa
11 April 2007Italian Enel SpA power company and Acciona SA building company have made the official joint offer on purchase of Spanish Endesa power company. The corresponding application has been directed today to Spanish CNMV market regulator.
The companies offer 41,3 euros (55,42 dollars) for Endesa’s share that evaluates the Spanish company approximately in 43,4 billion euro. Enel’s and Acciona’s offer is on 3,3 % above the offer of the German E.On power concern, which has estimated Endesa’s shares in 40 euros for each.
On the eve the board of Enel’s directors has approved Acciona’s offer on purchase of Endesa’s shares at the price of 41,3 euros per share. The transaction will be carried out according to the terms, which have been put forward by the companies on March, 26th, 2007.
Then Enel and Acciona have declared the intention to offer at least 41 euros/actions for Endesa. The purchase of Endesa is planned to be carried out by means of creation of holding, supervised by Acciona. Thus it was informed, that Enel and Acciona can make the joint offer on purchase of Endesa only in case that German E.On (within the limits of the merge) wont be able to lead its share in the Spanish company up to 50,01 %. Now the companies own 46 % of Endesa’s shares.
On April, 2nd, 2007 E.On has recognized the defeat in struggle for Endesa and has entered into the agreement with Italian Enel and Spanish Acciona in order to purchase Endesa. Thus E.On can receive Endesa’s assets for the sum of 10 billion euro in Spain, Italy, France, Poland and Turkey.
The German concern has entered the struggle for Endesa on February, 21st, 2006, having offered 29,1 billion euro money resources. According to the terms of the offer, the concern should consolidate not less than 51,01 % of shares of the Spanish company. In case of realization of transaction, E.On would turn to one of the largest gas and power concerns in the world.
In February 2007, the transaction on merge has been blocked by Italian Enel and Spanish Acciona, which managed to consolidate more than 45 % of Endesa’s shares.
Endesa has leading positions in the power market of Spain, Chile, Argentina, Colombia, and Peru. The company also works in Brazil, Italy, France, Portugal and Dominican Republic. The established capacity of its stations exceeds 42,9 thousand mW. Endesa is the second-largest gas operator in Spain, supervising 4,2 % of the adjustable market of gas of the country. In 2006 net profit of the company has decreased on 6,7 % - up to 2,969 billion euro in comparison with 2005. The operational profit has increased on 23,4 % - up to 5,239 billion euro, EBITDA - on 18,6 % - up to 7,139 billion euro.
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