One of Europe’s largest and longest takeover battles is nearing an end. The joint takeover bid for Spain’s biggest power company Endesa by Italy’s Enel and local construction and energy firm Acciona has been approved by the stock market regulator CNMV in Madrid. The European Commission and the Spanish energy watchdog have already approved the deal.
More than 50% of the shareholders have to accept for it to go ahead; that is not a major hurdle as Enel and Acciona already jointly own 46% of Endesa. The combined company would have 55 million customers. Enel and Acciona beat out German power company E.ON for control of Endesa. But as consolation E.ON has an agreement to buy about ten billion euros worth of assets from Endesa when the takeover is complete.