The two companies are considering launching a joint bid for Endesa should E.ON’s public tender offer not reach 50% of the share capital of the Spanish utility group. E.ON’s bid offer currently stands at E41 billion, having been upped twice.
An Enel/Acciona bid is likely to be better received by the Spanish government than E.ON’s efforts as it would ensure that Endesa remains in Spanish hands.
If they are willing to offer more than E.ON, they have the upper hand, Antonio Gallego from Gesfinmed told Bloomberg. E.ON is going to have to think long and hard whether to stay and fight.
However, Enel has stressed that, although negotiations with Acciona are advancing positively, a definitive agreement has not yet been reached.
