Shares in Endesa were suspended on Thursday night amid signs that Enel of Italy was planning to block a €41bn ($55m) takeover bid for Spain’s biggest electricity group by Eon of Germany and seek control itself. People familiar with the matter said executives from Enel, which holds just under 25 per cent of Endesa, were in talks with Acciona, the Spanish construction and energy group that holds 21 per cent, about a possible joint offer to all shareholders of about €42 a share. This is 8 per cent more than a tender offer by Eon, which expires next Thursday. If a bid emerges, it will be the third since September 2005, when Gas Natural unveiled a €22bn cash and share offer that put Endesa in play.

This entry was posted by Gwen Robinson on Friday, March 23rd, 2007 at 5:23 and is filed under Capital markets, M&A. Tagged with acciona, endesa, enel, eon. Edit this entry.