23 March 2007 - Italian utility Enel and its wholly-owned subsidiary Enel Energy Europe have said in a statement that negotiations with Spain's Acciona have reached an advanced stage although they have not yet come to a final agreement.

The statement said that the negotiations regard the possible development of a joint project on the Spanish utility Endesa should German firm E.ON's public tender offer not reach 50 per cent of the share capital of Endesa. The implementation of such a project would involve, in compliance with current Spanish laws and regulations, the joint formulation between Enel and Acciona of a voluntary public tender offer for the entire share capital of Endesa.

It was restated that, although negotiations with Acciona are advancing positively, to this moment no definitive agreement has yet been reached. As soon as this agreement is reached, Enel will provide to inform the public immediately.