Endesa, S.A. (Empresa Nacional de Electricidad, S.A.) ( ), ( ) is the largest electric utility company in Spain. It has 10 million customers in Spain, with domestic annual generation of over 97,600 GWh from nuclear, fossil-fueled, hydroelectric, and renewable resource power plants. Internationally, it serves another 10 million customers and provides over 80,100 GWh annually. Total customers numbered 22.2 million as of December 31, 2004. It also markets energy in Europe. The company has additional interests in Spanish natural gas and telecommunications companies.
The company was formed in 1944 as Empresa Nacional de Electricidad, S.A. and changed its name to Endesa, S.A. in 1997. In September 2004, it took control of the French company SNET (Société nationale d'électricité et de thermique). This was followed by the downsizing of 30% of SNET's employees blank">http://www.humanite.fr/journal/2006-02-28/2006-02-28-825123.
In 2006 and 2007 Endesa was the target of a takeover bid by _Gas Natural and Germany's E.ON and Italian ENEL. Curiously, the foreign E.On is preferred as new owner by Endesa right-oriented bosses and some media. Gas Natural is a catalonian company. It is seen now too close to left politics and separatist powers. The Gas Natural reference bank -La Caixa- condomned € 6 million to Partido Socialista de Cataluña before the bid. When this was discovered, a media frenzy attacked the questionable interests in the affair. It has been noted too, that Gas Natural is very small compared to the other main actors in this story.
In 2/2/2007 E.On offered €38.75 for each share of Endesa. However E.On withdrew their bid on 04/03/2007 in exchange for a promise from rival bidders to sell it part of the Spanish utility's assets. Acciona & Enel suceeded in their bid to acquire Endesa in October 2007 for an estimated €42.519 billion and they announced later that month that they jointly hold 92.06% of Endesa´s share capital (25.01% Acciona and 67.05% Enel) as a result of their 100% takeover bid launched on Endesa, the remaining 7.94% is free float. Acciona & Enel, via a 10 year shareholder agreement, will jointly manage Endesa through a holding company, controlled by Acciona, which will hold 50.01% of Endesa´s share capital.
