Madrid-based construction group Acciona plans to complete the transaction of a 24.9% stake in Endesa in the coming days, Spanish national news agency EFE has reported. The builder increased its stake in the utility with the purchase of an additional 3.5 million shares on December 29, and will reach its target of 24.9% 'very soon', a company spokesperson said.
Madrid-based construction group Acciona plans to complete the transaction of a 24.9% stake in Endesa in the coming days, Spanish national news agency EFE has reported. The builder increased its stake in the utility with the purchase of an additional 3.5 million shares on December 29, and will reach its target of 24.9% 'very soon', a company spokesperson said.
Acciona has got approval for the acquisition from the Spanish Commission on Stock Exchange CNMV. However, this is the maximal percentage before the company is obliged under Spanish law to launch a takeover bid for the electricity company Endesa.
The construction group built up its stake in Endesa in the last two months. The share acquisitions are likely linked to the unblocking of Gas Natural's and E.ON's competing bids for Endesa. On December 6, Acciona told the Spanish stock exchange authorities that it was going to actively oppose the takeover bid made by Germany's E.ON for Endesa, Spain's second largest electricity company. The offer of EUR 35 a share values Endesa at EUR 37.1 bn, which is 'highly inadequate', Acciona stated. The Supreme Court is due to meet January 10 to decide whether to lift the injunctions on the bids.
The Spanish group, which is the fourth largest construction company in Spain and Endesa's main shareholder, already invested about EUR 7.2 bn in the electricity company. E.ON, a Dusseldorf-based company, is one of the world's leading energy companies with core activities in power and gas.