Renewables

Acciona acquires 10% of Endesa shares, E.ON responds

26 September 2006 — The Spanish renewable energy company Acciona bought 10 percent of Endesa shares yesterday at 32 euros per share.

The German power company E.ON AG made an announcement today regarding Acciona’s news and reiterated its commitment to pursue a takeover of Endesa. E.ON offered 25.405 euros per share in February.

Acciona said it does not rule out increasing its participation up to a percentage that would not require launching a takeover bid once the Comisión Nacional de la Energía authorizes the acquisition of a larger stake.

Analysts told Reuters news agency that the bid may not necessary be a tactic to keep Endesa with a Spanish company, although the news organization did say that Acciona’s action was a bold move that casts doubt on the future of Spain’s biggest utility.