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Article: Acciona disappointed by E.ON's Endesa bidMOVERSMARKETPLACE by Bloomberg
- Article from:
- International Herald Tribune
- Article date:
- January 26, 2007
- Author:
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Joao Lima
International Herald Tribune
01-26-2007
Shares of Endesa, the Spanish utility that is the target of a 36.5 billion takeover offer, climbed Thursday after its biggest stockholder said that a bid by E.ON was too low. The stock rose 59 cents to 39.17, or $41.76, in Madrid. Endesa's price does not reflect any ''control premium'' that a buyer ought to pay, the biggest shareholder, Acciona, said Thursday in a presentation to investors. Acciona, one of the largest construction companies in Spain, owns 21 percent of Endesa, and has said that it wants to buy as much as a quarter of the utility to thwart E.ON. The builder is considering combining its wind-energy unit with that of Endesa. ...