<p>The Spanish national stock market commission (CNMV) responded to Enel and Acciona's takeover plans by giving E.ON chance to improve on its E38.75 per share bid. Between them, Enel and Acciona hold just under 46% of Endesa and their planned offer would have put an end to E.ON's takeover attempts. <br /><br />The German company's plans were offered salvation, however, when the CNMV declared that E.ON's offer was the only authorized and (legal) offer, as cited in the Financial Times. The CNMV further hindered Enel's plans, ruling that the Italian utility cannot launch its own bid for Endesa until six months after E.ON's bid has expired. <br /><br />E.ON has revealed that as part of the CNMV's ruling, the deadline for its improved offer had been extended to April 3, 2007. The offer had previously been set to expire on March 29, 2007. E.ON needs to acquire more than 50% of Endesa's shares for its bid to be successful.<br /><br />In a press release, E.ON added that it intends to: exercise all legal options against the action taken by Enel and Acciona, which the CNMV, Spainâ€â„¢s securities regulator, has already declared to be illegal. This comment has sparked rumors that E.ON is planning to sue the companies. <br /><br />E.ON first revealed its designs on Endesa in February 2006, when the utility made an initial offer of E27.5 per share. Prior to the renewed offer of E40 per share, E.ON had already upped its offer twice.</p>
