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Endesa (Spain)
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Endesa, S.A. (Empresa Nacional de Electricidad, S.A., , ) is the largest electric utility company in Spain and a subsidiary of the Italian utility company Enel. 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.
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Endesa, S.A. (Empresa Nacional de Electricidad, S.A., , ) is the largest electric utility company in Spain and a subsidiary of the Italian utility company Enel. 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.
History
The company was formed in 1944 as Empresa Nacional de Electricidad, S.A. and changed its name to Endesa, S.A. in 1997. In September 2004, it took control of the French company SNET (Société nationale d'électricité et de thermique). This was followed by the downsizing of 30% of SNET's employees.
Takeover
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.
The two companies initially jointly managed Endesa through an Acciona-controlled holding company which held 50.01% of Endesa's share capital, but in February 2009 Enel agreed to buy out Acciona's stake, taking its total ownership to over 92%. Some Endesa assets will be sold off to Acciona as part of the deal.
See also
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