Acciona to oppose E.ON bid for Endesa

Acciona, a Madrid-based construction group, has announced to Spanish stock exchange authorities that the company will actively oppose the takeover bid made by Germany's E.ON group 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 in a press release.

On December 4 Acciona sold its 15% stake in larger rival FCC to real estate company Grupo Inmocaral for EUR 1.5 bn to raise funds for its drive to takeover Endesa in a move to hamper the bid by E.ON for Endesa. The Spanish group, which is the fourth largest construction company in Spain, informed the company will 'not accept becoming Endesa's minority shareholder'. Acciona will attempt to convince the other major shareholders to oppose the E.On offer, and if this attempt does not succeed, the company intends to sell its own 20% stake, the Spanish news agency EFE reported.

Acciona, currently Endesa's main shareholder, said it believes the electricity company should be valued much higher than what the E.ON group has offered. The Spanish construction group also considers that 'its interests in Endesa are completely others than E.ON's'. Acciona said it is looking for a listed and independent Endesa, which would not be possible if E.ON's offer was successful, EFE reported.

Last September, the European Union ordered the Spanish government to drop its attempt to block a takeover of Endesa by E.ON. The German company, based in Dusseldorf, is one of the world's leading energy companies with core activities in power and gas.