Caja Madrid chairman seeks sale of 9.9 pct Endesa stake to E.ON UPDATE |
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Published
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Tue, 23 Jan 2007 09:24
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(Updates with no comment from Caja Madrid)MADRID (AFX) - Caja Madrid's chairman Miguel Blesa plans to sell the savings bank's 9.9 pct stake in Endesa SA to E.ON AG to finance expansion in Spain and internationally, El Economista reported citing unnamed sources.Blesa has sought approval for the sale from the Madrid regional government which El Economista sources close to the meeting said expressed preference that Caja Madrid retain a holding in the utility.Caja Madrid declined immediate comment on the report.E.ON is currently embroiled in a bid battle for Endesa with Gas Natural SA.The newspaper said Blesa seeks to use funds raised from the disposal to pursue Caja Madrid's international expansion and strengthen its branch network in Spain.The savings bank stands to make a 2.012 bln eur capital gain if it sells its stake, bought last year for 1.984 mln eur, at current market value of 38 eur per share, the newspaper noted.afxmadrid@afxnews.comcve/jms/cve/jmsCOPYRIGHTCopyright 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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Caja Madrid chairman seeks sale of 9.9 pct Endesa stake to E.ON - report 