Endesa board sees E.ON bid 'favourable', holds off on final decision on bid |
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Published
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Tue, 06 Feb 2007 19:26
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MADRID (AFX) - Endesa SA's board of directors said that they view E.ON AG's full 38.75 eur per share bid for the company as 'favourable', though stopped short of recommending shareholders accept the offer.The board said the offer was 'sufficient for Endesa shareholders from a financial point of view', though added that it has 'still not adopted a decision on whether to accept the offer.'In a statement, Endesa said that it was was calling a EGM for March 20 and that it will reach a decision after the meeting.It added that it will certainly make a decision within the acceptance period.The stock market regulator CNMV must still extend the final acceptance date for the offer, from a previous Feb 26.Endesa's board also said it will vote in favour of removing the current statutes limiting a single shareholder's voting rights to 10 pct, as well as on the acquisition of a minimum 50.1 pct stake and recommends that shareholders approve the move.E.ON has said its bid is conditional on Endesa modifying the statutes.afxmadrid@afxnews.comped/rarCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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