A successful takeover would create a global energy titan with more than 100,000 workers and more than 50 million customers in Europe and Latin America.
Utility E.On AG said it would deliver its final and sealed bid for Endesa SA to Spanish regulators on Friday, but would not reveal if it planned to revise its $36.5 billion (US$47.52 billion) offer for the utility.
The announcement came a day after rival Gas Natural SA withdrew from the takeover battle for Endesa, effectively ceding the company to E.On.
Duesseldorf-based E.On is required to notify Spain's stock market regulator about any possible changes to its bid before the close of business.
E.On said in a statement that it would file its final offer on Friday and there would be no opportunities to change the price once the document is filed. It also said that Gas Natural and its affiliates would not be permitted to buy any Endesa shares.
Analysts have said that E.On could raise its bid further in order to stave off any other suitors and to mollify Endesa's biggest shareholder, Acciona SA.
Endesa's board meeting on Tuesday
Endesa Chairman Manuel Pizarro told reporters in Madrid that his company's board planned to meet Tuesday to discuss the E.On bid and dismissed claims by Gas Natural that E.On was given information by Endesa to help prepare its offer.
In a filing Thursday with the Spanish stock market regulator, Gas Natural said it decided to pull out of the race because it believed its chances of gaining control of Endesa were hurt by the company's opposition to its bid.
Gas Natural reiterated earlier claims that E.On, which launched a "white knight" bid for Endesa after being approached by management, appears to have been given more detailed information about Endesa's financial situation than Gas Natural.
The biggest ever cross-border takeover in Europe
Barcelona-based Gas Natural started the bidding battle for Endesa in September 2005, with a cash and stock offer that valued the company, at current market prices, at around $24 billion (US$31.25 billion).
E.On later offered $34.50 (US$44.92) a share, meaning that if the deal is ultimately successful, it would be the biggest ever cross-border takeover in Europe.
A successful takeover would create a global energy titan with more than 100,000 workers and more than 50 million customers in Europe and Latin America.
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