Italian energy company Enel, through the investment bank UBS, has acquired another 2,9% of Endesa, thus achieving its objective of controlling 24,9% of Spain's leading electricity company, the limit allowed by law before launching a takeover bid for 100% of the company. In a statement submitted to the Spanish National Securities Market Commission (CNMV), Enel indicated that it had purchased 31,5 million shares at an average price of €39 per share, representing an outlay of €1.228,5 billion. The execution of the financial derivatives is subject to obtaining the corresponding administrative authorizations from the National Energy Commission (CNE) and the Council of Ministers. Since February 27, Enel's stake has cost it €10.311 billion. In addition to becoming a key shareholder in Endesa, Enel wants to be represented on the board of directors of the Spanish electricity company, the Italian firm revealed in a filing with the U.S. Securities and Exchange Commission (SEC). Endesa's board of directors has 13 members, and any shareholder holding approximately 7,7% of the shares will have the right to appoint a member in the event of a vacancy, which is not expected to occur until Endesa's next shareholders' meeting, to be held in the first six months of 2007. Furthermore, Enel has stated its intention to increase its stake in Endesa to 29,99% if the new takeover regulations are approved.
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