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E.ON gains full control of Endesa Italia

German utility E.ON has gained full control of Endesa Italia after Italian utility A2A said it had agreed a deal for the demerger of the power generator where it would get assets for its 20% stake

E.ON acquired 80% of Endesa Italia, when it agreed to buy some Endesa assets last year as a consolation prize after its failed bid for the Spanish company, which was bought by Italy’s Enel and Spain’s Acciona. A2A has been in long-running talks with E.ON to exchange the remaining stake for assets or cash. “Following such a demerger, A2A will receive certain generation assets in exchange for the cancellation of its 20% equity interest in Endesa Italia," A2A said in a statement on Tuesday. A2A said that in the deal -- finalized with Enel, Acciona, Endesa, Endesa Europa and Endesa Italia -- it would have the right to choose the assets it will receive, in accordance with criteria previously agreed upon by the parties. The transaction is expected to be completed by the end of 2008. (Reuters)