<p>Enel and Acciona have signed a joint management project for Endesa, which they said would contribute to the future growth of the Spanish utility. The companies also voiced their intention to file an offer for Endesa's share capital as soon as it is legally possible, as this is a necessary step before they can implement their project. <br /><br />CNMV, the Spanish national stock market commission, has ruled that Enel and Acciona cannot bid for Endesa until six months after E.ON's offer has expired. The companies commented that they will fix the offer price when their tender is launched, but that it would not be below E41, E1 above E.ON's current offer. <br /><br />Enel and Acciona commented that they intend to keep Endesa's management and effective decision making power in Spain, a move that will attract the Spanish government, which has openly voiced its desire to keep Endesa in Spanish hands. The companies also voiced their intention to focus on power supply, investments in Spain's distribution and transmission network and increasing investments in the Spanish power sector. <br /><br />The companies stated that they will contribute their exiting share hold of just under 46% to a joint holding company. They have also agreed to contribute an equal number of Endesa shares to the holding company until the first quarter of 2010, until they reach an aggregate amount of 50.02% of the outstanding capital stock. Acciona will hold approximately 50.01% of the share capital of the holding company. <br /><br />Jose Manuel Entrecanales, the chairman of Acciona, commented: This agreement materializes the strategic goals of Acciona in Endesa, securing the independence of Endesa as a Spanish company, its investments and the maintenance of its employees, while creating a worldwide leader in reneawable energy, with a great value creation potential.</p>
