Acciona and the Battle for Control of Endesa

Posted: 21 Mar 2010

See all articles by Belen Villalonga

Belen Villalonga

New York University (NYU) - Leonard N. Stern School of Business

Rachelle Silverberg

affiliation not provided to SSRN

Date Written: November 30, 2009

Abstract

Acciona, S.A. is a global infrastructure and renewable energy conglomerate that is publicly traded in Spain and controlled by the Entrecanales family. In 2006, the company joined the highly politicized cross-border takeover battle for Spain's largest electric utility, Endesa, by acquiring a 10% stake that it subsequently built up to 21%. Other interested suitors were E.ON and Enel, the largest electric utilities in Germany and Italy, respectively. In March 2007, Acciona's executive chairman Jose Manuel Entrecanales is considering three strategic alternatives: tendering its shares--and realizing a capital gain of 1.2 billion euros, 13% of Acciona's market capitalization; holding out as a strategic but minority shareholder in Endesa; or negotiating an agreement with Enel and/or E.ON.

Suggested Citation

Villalonga, Belen and Silverberg, Rachelle, Acciona and the Battle for Control of Endesa (November 30, 2009). HBS Case No. 210-029, Harvard Business School Finance Unit, Available at SSRN: https://ssrn.com/abstract=1571179

Belen Villalonga (Contact Author)

New York University (NYU) - Leonard N. Stern School of Business ( email )

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Suite 9-160
New York, NY NY 10012
United States

Rachelle Silverberg

affiliation not provided to SSRN ( email )

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