Endesa

Endesa, S.A. (Empresa Nacional de Electricidad, S.A., NYSE: ELE, BMAD: ELE) is the largest electric utility company in Spain. It has 10 million customers in Spain, with domestic annual generation of over 97,600 GWh from nuclear, fossil-fueled, hydroelectric, and renewable resource power plants.

Internationally, it serves another 10 million customers and provides over 80,100 GWh annually. Total customers numbered 22.2 million as of December 31, 2004. It also markets energy in Europe. The company has additional interests in Spanish natural gas and telecommunications companies.

In 2006 and 2007 Endesa was the target of takeover bids by Gas Natural, Germany's E.ON and the Italian firm Enel. Despite Barcelona-based Gas Natural being half the size of Endesa, its bid was championed by the socialist government as an all-Spanish deal.

The opposition People's Party and some Madrid politicians had criticised the bid, alleging political interference by the socialists and a Catalan plot to control energy supply respectively. Gas Natural backed away from its bid after Germany's E.ON offered a higher bid for the company.

On 2 February 2007 E.ON offered €38.75 for each share of Endesa. The German firm withdrew its bid two months later in exchange for a promise from rival bidders to sell it part of the Spanish utility's assets. SNET, Endesa Italia and Enel's Viesgo were amongst the business units ultimately sold off to E.ON. Acciona and Enel succeeded in their joint bid to acquire Endesa in October 2007 for an estimated €42.5 billion and they announced later that month that they jointly held 92.06% of Endesa's share capital (25.01% Acciona and 67.05% Enel) as a result of their 100% takeover bid launched on Endesa, with the remaining 7.94% being free float.

For an agreed 10-year period, the two companies will jointly manage Endesa through an Acciona-controlled holding company which will hold 50.01% of Endesa's share capital.

Address:	C/ Ribera del Loira, 60 - 28042 Madrid
Website:	www.endesa.es