<p>In a press release, Endesa's directors said that E.ON's offer suitably reflects the value of the company. This announcement came despite the fact that Italian utility Enel and Spanish energy and construction group Acciona confirmed that they would offer E41 per share for Endesa if E.ON's bid were to fail. The Spanish stock market regulator has prohibited Enel and Acciona from making a bid until six months after E.ON's offer has expired. <br /><br />E.ON confirmed that Spanish bank Caja Madrid has signed a share swap agreement through which E.ON will be able to borrow the bank's 9.9% stake in Endesa for a period of two years. Caja Madrid will keep the voting rights associated with its share in Endesa for this period, after which, E.ON will have the right to acquire the shares at EUR40 each. E.ON needs to acquire more than 50% of Endesa's shares in order for its tender to be successful. <br /><br />In a separate press release, E.ON confirmed that it is to start legal proceedings against Acciona and Enel, after they revealed plans to make a joint offer for Endesa. The company stated: These unlawful actions were an attempt to deceive Endesaâ€â„¢s shareholders and to manipulate the market price of Endesa stock. They interfered with E.ONâ€â„¢s pending tender offer for Endesa, which is the only approved offer for all of Endesaâ€â„¢s shareholders. <br /><br />The utility added that it had requested the Spanish stock market regulator to open infringement procedures against Acciona and Enel for market disruption, breach of tender offer rules and insider trading. E.ON also wants the regulator to force Enel and Acciona to divest their shares and prohibit them from acquiring any more.</p>
