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Acciona likely to sell Endesa stake to E.ON - report UPDATE


Published : Wed, 14 Mar 2007 09:18
By : Agencies
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(Updates with further details from the report)

MADRID (AFX) - Acciona SA is very likely to sell its 21.03 pct stake in Endesa SA to E.ON AG, and representatives of the builder and the German utility have already met to this effect, El Confidencial reported, citing unnamed sources at Acciona who confirmed a meeting was held March 9.

The deadline for E.ON's 38.75 eur per share bid for Endesa is March 29.

According to El Confidencial, Acciona CEO Valentin Montoya and E.ON Corporate Development Director Lutz Feldmann met in a local lawyers offices and talked about the new situation affecting Endesa since Enel SpA's surprise arrival on the bid front.

Acciona is seen booking some 1.0-1.5 bln eur in capital gains from the sale of its Endesa stake and could use the funds to expand its renewable energy business, said analysts.

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