Endesa Owners Could Gain E6 Billion From Asset Sale - Fortis
Posted on: Thursday, 13 March 2008, 09:00 CDT
Financial services firm Fortis has stated that Spanish utility Endesa's owners will stand to gain E6 billion from the sale of certain of the utility's assets to German utility E.ON, reports Reuters.
Reuters noted that Acciona and Enel, who together hold 92% of Endesa, have earlier agreed to sell some of Endesa's power generation assets to E.ON, when the German firm withdrew its bid for Endesa.
According to Fortis, the sale will generate a capital gain of E10 billion, taking into account a book value of E4 billion for the assets.
Fortis said that it was quite unlikely that E.ON will not exercise its option to buy the assets. However, E.ON cannot pick up specific assets as the condition for the acquisition requires them to be bought in blocks, reports the news source.
Reuters noted that, Endesa has valued the assets at E14 billion, not including the operator Viesgo, while E.ON values the assets at E10 billion, including Viesgo. Viesgo is the Spanish operation of Italian utility Enel.
Source: Datamonitor
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