Endesa
| ENDESA SA
|
|
|---|---|
 |
|
| legal form | Sociedad Anónima (public company) |
| ISIN | ES0130670112 |
| founding | 1944 |
| Seat | Madrid , Spain |
| management |
|
| Number of employees | 68,961 (2014) |
| sales | EUR 21.51 billion (2014) |
| Branch | power supply |
| Website | www.endesaclientes.com |
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ENDESA, SA is a power generation and utility company based in Madrid , Spain . It is the largest company of its kind in Spain by market capitalization, as well as the largest private utility in Latin America . The company is majority owned by the Italian energy group Enel .
ENDESA was founded in 1944 as a state company with the name Empresa Nacional de Electricidad, SA (German National Electricity Company ) by the Instituto Nacional de Industria (INI), the Spanish state industrial institute, and gradually privatized after the end of Franquism . Especially since the 1970s, ENDESA has taken over other public energy generation and supply companies, first in Spain, then also abroad (especially in Latin America). Today ENDESA has an international annual turnover of 21.5 billion euros.
Market presence
In 2005 , electricity sales amounted to 203 terawatt hours . In the event of a takeover by E.ON (see below), ENDESA would continue to be responsible for the Iberian Peninsula and the expansion in America. The share of these regions is distributed with 63% in Spain / Portugal, 23% in Latin America and 14% in the rest of Europe .
Privatization and acquisitions
As part of the wave of privatization and the winding up of the Francoist industrial policy under Prime Minister Felipe González , ENDESA was also partially privatized in 1988 by selling shares worth the equivalent of 651 million US dollars, but the Spanish state retained 75.6% of the shares.
At the beginning of the 1990s, ENDESA also became active outside Spain, initially in Argentina and Portugal , by taking over the majority of shares in local companies. In 1994 the Spanish state reduced its share to 66.9%. ENDESA subsequently expanded its business areas into water supply and telecommunications . In 1996, after the INI was dissolved, ENDESA was incorporated into its successor, the Sociedad Estatal de Participaciones Industriales (SEPI, German state company for industrial holdings ). In 1997 and 1998 two more rounds of privatization (sales of shares by the state) followed, which made ENDESA a private company. In April 1999, the Chilean energy supplier Enersis was taken over by ENDESA, which holds 60.62 percent of Enersis.
In July 2005 , ENDESA withdrew from the telecommunications industry. The subsidiary in Chile ( Enersis / ENDESA Chile) sold its mobile communications subsidiary Smartcom to the Mexican company América Móvil . The parent company sold the majority of its shares in the Auna group. At the same time, the various companies in the group that offer their services in Spain have been combined under one brand name. After the withdrawal from telecommunications, the operational business was also divided into two areas: Energy (including electricity, natural gas, renewable energies, etc.) and PLC (Power Line Communications, i.e. voice and data transmission via the power grid ).
Stock exchange listing and takeover and merger intentions in 2005/06
ENDESA's ticker symbol is ELE. Its shareholders with the largest shares are (in December 2005): 85.0% free float (with the investment funds Chase Nominees and State Street Bank and Trust Co. as the largest owners with 5.732% and 5.038% respectively) and the Spanish banks and savings banks Caja Madrid (9%), La Caixa (2.03%) and BBVA (2.3%) and the state-owned SEPI (2.9%). Of these institutional investors, the majority of whom operate abroad, almost 50% would have to agree to any company merger.
ENDESA operates in Spain , Italy , France , Portugal , Morocco , Chile , Argentina , Colombia , Peru , Brazil and the Dominican Republic . ENDESA is also active in sales in Germany, mainly in the field of power supply for large industrial customers and municipal utilities.
Gas Natural takeover plan
From August 2005, ENDESA was the target of an attempt to take over the hostile takeover by Barcelona- based Gas Natural , which caused a sensation and discussion in politics and business. In December 2005, ENDESA rejected this takeover by its competitor , who was only half its size , because the price was too low and the "industrial logic" of such a takeover was missing. The background to the takeover plan was probably regional political aspects, as banks in Madrid and Catalonia are major shareholders of both companies.
Takeover offer from E.ON
On February 21, 2006, the German energy producer E.ON announced that it would also take over ENDESA (“friendly”). However, ENDESA did not describe the offer as friendly. Its offer of 29.1 billion euros exceeded that of Gas Natural by around 20%, but could be increased slightly after initial negotiations. Between August 2005 and February 2006, ENDESA's share price had risen from approx. 18 to approx. 22 euros - before the E.ON offer. E.ON's CEO, Wulf Bernotat , estimated that taking into account ENDESA's net debt of 18 billion , pension provisions and around 5 billion for minority shareholders , the transaction would amount to € 55 billion would be greatest in German history.
On September 26, E.ON increased its cash offer from 25 to 35 euros per ENDESA share to a total of 37 billion euros. With the Spanish construction company Acciona , a potential competitor surprisingly entered ENDESA with ten percent, but without naming his exact intentions. Acciona reported that it would not take over more than 25 percent of ENDESA in the future either.
In the event of a merger, for the financing of which E.ON would benefit from the sale of Ruhrgas Industries and Viterra in 2005, according to E.ON, the world's largest electricity supplier would arise: 50 million customers , 65 billion euros in sales (47 E.ON, 18th ENDESA) in about 30 countries, and a total of 107,000 employees in the electricity and gas market as well as in alternative energy .
Because the earnings situation of both companies is judged to be favorable in the event of a merger, both stock exchange prices have increased noticeably since February 21.
On February 2, 2007 E.ON offered EUR 38.75 for each ENDESA share.
On April 2, 2007, E.ON finally decided to withdraw the takeover offer. In return, they negotiated a participation package with competitors Acciona and Enel with activities in Spain, Italy and France as well as further activities in Poland and Turkey worth around ten billion euros, should the Spanish and Italian groups succeed in their joint takeover. The reason for the sudden withdrawal may be that reaching the 50 percent hurdle seemed unlikely, since the competitors Acciona and Enel together already held 46 percent of the shares in ENDESA.
Takeover offer from Acciona and Enel
After E.ON's takeover bid was withdrawn , the railroad was free for the Spanish mixed company Acciona and the Italian energy group Enel . Both companies, which together already held 46% of ENDESA, have announced a takeover offer of € 41 per share as soon as possible.
In October 2007, 92 percent of ENDESA was taken over for 42.5 billion euros. Enel held a 67 percent share and Acciona a 25 percent share.
Before April 2018, Enel took over the 25 percent stake in Acciona and has since been the main shareholder of Endesa with 92.063%.
literature
- FAZ , Feb. 22, 2006: Europe's electricity markets are moving closer together , pp. 8, 14.
Web links
Individual evidence
- ↑ a b Endesa Activities Report - 2014 Annual Report , at www.endesa.com , accessed on November 13, 2015
- ↑ a b http://www.endesa.com/en/accionistas/laaccion/Paginas/participaciones.aspx ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ^ Enersis: History
