The 18-month takeover saga surrounding Endesa appeared to end on Monday as Germany’s Eon agreed to withdraw its bid in return for a carve-up of the Spanish utility’s assets with Italy’s Enel and Acciona. Enel and Acciona will proceed with their takeover offer and, assuming they gain control of Endesa, Eon will receive assets in Spain, France and Italy, including Viesgo, Spain’s fourth-largest utility currently owned by Enel, to a value of about €10bn. The Endesa saga has pushed Spain’s and Europe’s takeover rules to the limit. Earlier on Moday, Spain’s stock market regulator Manuel Conthe resigned, citing “serious reservations” about the stance of the board of Spain’s national stock market commission (CNMV) over the Endesa bid. Already, the European Union is suing Spain for the restrictions imposed on Eon’s takeover bid.

This entry was posted by Gwen Robinson on Tuesday, April 3rd, 2007 at 5:48 and is filed under Capital markets, M&A. Tagged with acciona, endesa, enel, eon. Edit this entry.