Enel, the Italian energy group has sealed a controversial 11 billion euro deal to take control of Spanish energy giant Endesa after a three year battle.
Acciona, the Spanish construction and power consortium has sold its 25 per cent stake in Endesa less than two years after signing a management agreement with Enel to jointly control the Spanish utility firm. The sale pre-empts the execution of an option on the stake agreed between Acciona and Enel in March 2007 when the two joined forces to drive the German power giant Eon out of a hotly contested bidding war for Endesa. Eon’s takeover bid was bitterly opposed by the Spanish government. Its blocking tactics were ruled to be in contravention of European Commission anti-trust regulations.