Enel expects 'full picture' of Endesa synergies to be ready in 3 months |
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Wed, 17 Oct 2007 12:24
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MILAN (Thomson Financial) - Enel SpA chief executive Fulvio Conti, speaking on the sidelines of a conference in Rome, said he expects a full picture of synergies stemming from the takeover of Endesa SA to be ready in three months.There has been press speculation that the Endesa takeover could generate around 500 mln eur synergies at the EBITDA level.Asked about whether Rafael Miranda will be confirmed as CEO at tomorrow's board meeting of Endesa, he said: 'Let's see tomorrow'.He said the sale of Endesa Italia will help reduce the group's debt.Conti also said that Enel will continue to develop its presence in Latin America and that it is looking for a small investment opportunity in Mexico.'Latin America is hungry for energy and needs a lot of investments. There is a big opportunity for us,' he said.Earlier this month, Enel and Acciona SA took over Endesa, which is the largest operator in Latin America not under state control.Enel and Acciona, which hold 67 pct and 25 pct in Endesa respectively, are due to sell some 10 bln eur of Endesa assets to E.ON AG.danilo.masoni@thomson.comdm/vlbCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Acciona's Entrecanales to leave Vodafone head job to focus on Endesa - report 