Spanish construction and energy group Acciona has announced it has increased its stake in Endesa to 21%, and said it wants to own as many shares as possible to exert a major influence on the running of the utility company. Acciona can hold a maximum of 24.9% stake in Endesa under Spanish rules without being forced to make a full bid.

Spanish construction and energy group Acciona has announced it has increased its stake in Endesa to 21%, and said it wants to own as many shares as possible to exert a major influence on the running of the utility company. Acciona can hold a maximum of 24.9% stake in Endesa under Spanish rules without being forced to make a full bid.

The battle for control of Endesa started about twelve months ago when the German group E.ON launched a EUR 37 bn bid, trumping an earlier offer by the Spanish energy supplier Gas Natural. Acciona told the Spanish stock exchange authorities it would actively oppose the takeover bid by E.ON for Endesa, Spain's second largest electricity company.

Madrid angered the European Union by freezing both E.On's and Gas Natural's bids through a court injunction last year. Thereafter, the European Commission ordered the Spanish government to drop its attempt to stop the takeover. Spain reluctantly agreed no longer to block the Germans.

In March, a lower, commercial court in Madrid suspended Gas Natural's offer pending a decision as to whether an agreement between the gas supplier and Spanish electricity company Iberdrola contravened EU law. A decision on the injunction is expected in the next few weeks, potentially unlocking the takeover process.

On the other hand, E.ON has filed a complaint against Acciona with the Spanish stock market authorities CNMV, accusing the Spanish builder of colluding with other investors to hamper its bid. E.ON filed a similar suit against Acciona in New York in October.

Meanwhile, Acciona, which is the fourth largest construction company in Spain, got approval from the CNMV to build up its stake in Endesa. Acciona purchased an additional 3.5 million shares on December 29 and raised its stake to 21% on Thursday. The company paid more than EUR 35 per share for the stock, which is well above the price offered to Endesa shareholders by either bidder.