Endesa takeover approved

10 July 2007

A planned acquisition of Endesa by Enel and Acciona has been approved by the European Commission under the EU Merger Regulations.

After examining the proposed takeover by Italy’s Enel and Spanish renewables firm Acciona, the Commission concluded that the proposed transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it.

In late March the two agreed to acquire joint control of Endesa and in a parallel operation, that falls outside the scope of the Merger Regulation and will therefore be examined by the national competition authorities, Acciona also plans to acquire sole control over Endesa's renewable energy business.

A subsequent agreement will see the transfer of the bulk of Enel's existing electricity generation, distribution and supply business in Spain, certain additional Endesa assets located in Spain, and Endesa's current business in Italy, together with related businesses in France, Poland and Turkey to E.ON.

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