And he has clearly decided to strike hard

E.on will not been slow to respond to the emergence of Acciona in the capital of Endesa. And he has clearly decided to strike hard. Yesterday, in the evening, the German giant has announced that it was within its offer by nearly 38 on the first Spanish group of collective services. Scope of 25,405 euros to 35 euros, she values now Endesa EUR 37 billion. "In the context of recent developments concerning Endesa, E.ON reinforces its commitment towards a successful transaction," the German group said in a release. Twenty-four hours, the battle for the control of Endesa has intensified considerably.

It is Monday evening, to the General surprise, that the Spanish Acciona announced its entry to 10 in the capital of his compatriot. And even if the Spanish Government "support or opposed" to this initiative, said yesterday Pedro Solbes, the Minister for the economy, it suits well Affairs of Madrid. At the same time when the European Commission required by the Spanish authorities to stop hindering the project of E.ON-Endesa merger, the Zapatero government seemed to have an alternative solution that annoys the ambitions of the German group that Madrid appears on the front line.

The scenario then the emerging resembles fort, in any case, that Spanish Prime Minister called his greeting. In the aftermath of the launch of the OPA of E.IT on Endesa, on 21 February, José Luis Zapatero had said its preference for the establishment of a large Hispanic energy champion. The rival offer of the catalan gas Natural Gas seem clearly outstripped by that of the German group only came into scene of a White Knight could still changer. Acciona is perhaps this Knight. Specialist in the construction and real estate, the family group is already present in the energy sector, since it has invested 2 billion euros in the wind. In the recent past, he attempted to get a foot in the third Spanish electrician, Union Fenosa. In vain. Today, the Endesa drama offered him a second chance to position themselves in the electricity market.

Revealing his intentions to the big day, Acciona indicated yesterday that 10 of the first Spanish electrician bought Monday were only a beginning and that it had the funds to double the participation. The new shareholder of reference of Endesa is however not the intention to climb up to the 25 threshold, which would require him to launch a takeover bid on the company in turn. Without going so far, the positions occupied by Caja Madrid (holder of 10 of the capital) and the Spanish State (present 2.95) would amply suffice to constitute, if necessary, a .it Edwardsia front.

Support from Brussels to E.ON

It was not needed to push the German giant to react. Undeterred, he reaffirmed yesterday evening of spectacular willingness to acquire Endesa as soon as possible. Provided to appropriate at least 50,01 of the securities of the company and to modify the rule limiting to 10 of shareholders voting rights. Significantly under its offer, the group in Düsseldorf has given reason analysts, many suggested yesterday that an additional effort was necessary to engage successfully in the onslaught of the Spanish fortress. It is true that between the price proposed by the German and the EUR 32 per share paid day before yesterday by Acciona, the gap was too important to just E.You can ignore it.

In the meantime, German can count on the support without fault of Brussels. As expected, the European Commission has indeed doubly condemned the Spain, yesterday, to preclude the ambitions of the German group: it first asks the redesign of the text which has extended the powers of the Spanish regulator (CNE) at the beginning of the year, giving him a right of veto on any OPA aimed a national player. On the other hand, the Commissioner for competition, Neelie Kroes, has condemned the staggering list of conditions laid down by the CNE to E.ON to take control of Endesa. Concessions far exceeding that could afford to Madrid in a case where Brussels has exclusive jurisdiction. Neelie Kroes decision is legally binding. If Madrid persists in his obstruction, E.ON may invoke before the Spanish courts.