Ending a long battle, German energy giant E.ON said Monday it had abandoned its takeover bid for Spanish power company Endesa, but planned to buy assets from the group worth about 10 billion euros ($13 billion).
The decision marks the end of a more than year-long battle by the German group to win control of Endesa and opens the way for a takeover of the utility by its biggest shareholders, Spanish construction group Acciona and its Italian partner Enel.
E.ON said that it had agreed with Enel and Acciona that if they gained control of Endesa, E.ON would receive a "significant portfolio" of assets in France, Italy, Spain, Poland and Turkey worth about 10 million euros.
Enel chief executive Fulvio Conti said that a new takeover offer to Endesa shareholders would be made "immediately" which would be "clearer and on better terms." In Madrid, Acciona said that a joint takeover bid for Endesa would be launched with Enel "very soon."
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The decision marks the end of a more than year-long battle by the German group to win control of Endesa and opens the way for a takeover of the utility by its biggest shareholders, Spanish construction group Acciona and its Italian partner Enel.
E.ON said that it had agreed with Enel and Acciona that if they gained control of Endesa, E.ON would receive a "significant portfolio" of assets in France, Italy, Spain, Poland and Turkey worth about 10 million euros.
Enel chief executive Fulvio Conti said that a new takeover offer to Endesa shareholders would be made "immediately" which would be "clearer and on better terms." In Madrid, Acciona said that a joint takeover bid for Endesa would be launched with Enel "very soon."
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