E. ON was tired to struggle for Endesa
German concern has refused absorption of the Spanish company
Long struggle for actions Spanish Endesa, at last, comes to the end. Three participants - E. ON, Enel and Acciona have compounded and have entered into on Monday the mutually advantageous agreement. Analysts and investors have sighed with simplification, and the share price of all three companies has considerably grown. In the markets already discuss new possible candidates on acquisition by German concern.
on Monday three concerns - German E. ON, Italian Enel and Spanish Acciona, at last, have compounded. The German giant will make way for two competitors and will allow them to get the majority of actions of the Spanish leader of market Endesa. It undertakes not to renew the offer on purchase Endesa the next four years. In exchange will receive actions Endesa in France, Spain, Italy, and also Poland and Turkey for a total sum in 10 mlrd euro.
The Reason of such agreement was that absorption by Germans of the Spanish concern, despite suggested price at a rate of 42 mlrd euro, was removed without day. Competitors already have bought more than 45 % of actions Endesa that as head E considers. ON Woolf Bernotat, has made controlling interest acquisition by German concern impossible. By its estimation, prospects E. ON looked rather sadly: “ Acquisition of minority package Endesa would lead to mutual blockade of proprietors of actions and infinite litigations “.
Thus, the German concern should leave iridescent plans on a fast gain of positions in the growing South American market on which Endesa actively develops the business. Nevertheless g - n Bernotat sees certain pluses in the reached agreement. In particular, it highly appreciates the appeared possibility of development of business in France, Italy and Spain.
For Endesa the German power giant conducted Struggle almost one and a half year. From the very beginning he had to test counteraction from the Spanish government. Eventually fight for actions of the Spanish concern has turned to legal item war with mutual recriminations. Compromise achievement is rather safe end of opposition.
according to experts, a concession from head E. ON will allow to relieve the tension, heated to a limit. “ the stalemate was resolved, and it pleases. I recognise that E. ON will return not spent part of money to shareholders “ - Ingo Bekker from Kepler Equities considers. In its opinion, the arrangement with Acciona and Enel is a successful exit from a conflict situation for German concern: “ Recently so it was obvious that chances E. ON are minimum. Alternative of the agreement could become or long-term existence as the minority shareholder, or empty-handed leaving “.
According to analysts of bank WestLB, refusal of German concern of complete control over Endesa is the best decision for all parties. With them Oliver Kaspari from Dusseldorf company Bank haus Lampe agrees: “ Thanks to compromise E. ON will get access on the markets of Spain and France, and also will strengthen the positions in Italy “. Financial company UBS also positively estimates refusal E. ON from absorption of the Spanish concern. An analyst Stefan Woolf from Sal. Oppenheim considers that the agreement between three parties will give the chance to German concern to grow further at the expense of acquisitions in the Eastern Europe.
on Tuesday investors began to discuss alternative possibilities of absorption for German concern. As one of representatives of the financial markets has informed, as candidates have been named Suez, Iberdrola and Scottish and Southern Energy.
the Agreement between competitors in struggle for actions Endesa has led to increase of share prices of all three companies. Share price E. ON has grown almost on 7 % and has made Tuesday afternoon 109,48 euros. Actions of the Italian concern have risen in price for 2,9 %, bank WestLB recommends to buy them. Share price Acciona has grown approximately on 3 %.