Acciona, Enel launch bid battle for Endesa against E.ON

0 Comments | AFP, March, 2007

FRANKFURT (AFP) — A bitter battle for Spanish electricity group Endesa was announced on Monday when Acciona of Spain and Enel of Italy launched a counter attack to an improved offer by German power giant E.ON.

Acciona, a Spanish construction group, and Italian energy giant Enel, said their offer would be at least one euro-a-share higher than the new terms from E.ON.

The strike by Acciona and Enel, which also said they would form a joint holding company to manage Endesa, would value the Spanish electricity supplier at 43.4 billion euros (57.6 billion dollars).

The two groups said their offer would not be less than 41 euros a share.

The joint bid is aimed at thwarting a drive by E.ON, which earlier on Monday raised its offer for Endesa to 40 euros a...