Italian energy company Enel and Spanish construction group Acciona formalized on Wednesday their bid for Spanish electricity company Endesa worth about €42 billion.
They submitted their offer several minutes after Spain's financial market authorities authorized the bid. Enel and Acciona said in early July they were offering €40.16 per share, valuing Endesa at €42.51 billion ($58.4 billion). The two firms already jointly hold 46% of Endesa.
The market regulator, the CNMV, said that the period for accepting the bid was two months, from the publication of the essential details of the offer. The offer follows a failed €40 bid by German power company E.ON for the Spanish power firm. However, E.ON will not be entirely left out because under Enel and Acciona's takeover the German company has agreed to buy assets worth about €10 billion from Endesa if their offer succeeds.
Ending a long and dramatic saga in the takeover, E.ON dropped its bid in April for all of the biggest Spanish power company after the Spanish government threw up huge hurdles to the deal. (eubusiness.com)