Just when it seemed that German power firm E.ON has seen off the last of its potential rivals to the Endesa prize, Italian company Enel is increasingly looking like a new, and potentially its most dangerous, opponent.
In recent weeks, Enel has already secured two significant stakes in Endesa through private share purchase deals. Now the Italian firm has agreed terms to acquire two further stakes of 0.43% and 4.58% from Mediobanca.
In addition to its share purchase moves, Enel has also asked the Comision Nacional de la Energia (CNE) to authorize its acquisition of more than 10% of Endesa’s share capital, up until the 24.99% threshold that, when exceeded, triggers the obligation to launch a public tender offer, according to laws and regulations.
Enel has additionally asked the CNE to remove all possible limits to the exercise of the rights pertaining to Enel as Endesa shareholder because of the qualification of the latter as a principal operator.
Furthermore, the Italian firm has requested the Spanish Ministry of Industry, Tourism and Commerce to authorize Enel to exercise the rights on the entire shareholding owned in Endesa.
