da.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, I65NlRsXh2js58uw+2LccZpO0geNJFKwXv6KhlT9+cn8qx81+2k4TvnlaZS2J9iX 0dEkd6Q/TjBNFBLqqrFb0w== 0000898822-06-001273.txt : 20061113 0000898822-06-001273.hdr.sgml : 20061113 20061113170948 ACCESSION NUMBER: 0000898822-06-001273 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 10 FILED AS OF DATE: 20061113 DATE AS OF CHANGE: 20061113 GROUP MEMBERS: ACCIONA, S.A. GROUP MEMBERS: FINANZAS DOS, S.A. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ENDESA SA CENTRAL INDEX KEY: 0001046649 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 000000000 STATE OF INCORPORATION: U3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-80961 FILM NUMBER: 061209955 BUSINESS ADDRESS: STREET 1: CALLE RIBERA DEL LOIRA 60 CITY: MADRID STATE: U3 ZIP: 28042 BUSINESS PHONE: 34-91-2131000 MAIL ADDRESS: STREET 1: 410 PARK AVE STREET 2: STE 410 CITY: NEW YORK STATE: NY ZIP: 10022 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Acciona, S.A. CENTRAL INDEX KEY: 0001377408 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: BUSINESS PHONE: 011 34 91 663 3093 MAIL ADDRESS: STREET 1: AVENIDA DE EUROPA, 18 STREET 2: PARQUE EMPRESARIAL LA MORALEJA CITY: ALCOBENDAS, MADRID STATE: U3 ZIP: 28108 SC 13D/A 1 da.htm SCHEDULE 13D/A da.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D/A
(RULE 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(a) AND
AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)

(Amendment No. 4)*

Endesa, S.A.
(Name of Issuer)

American Depositary Shares, each representing the right to receive one ordinary share, nominal value €1.20 each
Ordinary Shares, nominal value €1.20 each
(Title of Class of Securities)

00029274F1
(CUSIP Number)

Acciona, S.A.
Avenida de Europa, 18
Empresarial La Moraleja, Alcobendas
Madrid, Spain 28108
Attention: Jorge Vega-Pinechet
+34 91 663 2850

Copy to:

Wachtell, Lipton, Rosen & Katz
51 West 52^nd Street
New York, New York 10019
Attention: Adam O. Emmerich
(212) 403-1000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

November 10, 2006
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [ ]

NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

*	The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Act”), or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP NO. 00029274F1



1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
	Acciona, S.A.

2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
	(a) [X]
	(b) [ ]

3	SEC USE ONLY

4	SOURCE OF FUNDS (See Instructions)
	BK

5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
	2(d) OR 2(e)			[ ]

6	CITIZENSHIP OR PLACE OF ORGANIZATION
	Kingdom of Spain

		7	SOLE VOTING POWER

			-0-
NUMBER OF
SHARES		8	SHARED VOTING POWER
BENEFICIALLY
OWNED BY			207,859,176
OWNED BY
EACH		9	SOLE DISPOSITIVE POWER
REPORTING
PERSON			-0-
WITH		10	SHARED DISPOSITIVE POWER

			207,859,176


11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	207,859,176

12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
	CERTAIN SHARES (See Instructions)			[ ]


13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	19.63%

14	TYPE OF REPORTING PERSON (See Instructions)
	CO

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CUSIP NO. 00029274F1



1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
	Finanzas Dos, S.A.

2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
	(a) [X]
	(b) [ ]

3	SEC USE ONLY

4	SOURCE OF FUNDS (See Instructions)
	BK

5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
	2(d) OR 2(e)			[ ]

6	CITIZENSHIP OR PLACE OF ORGANIZATION
	Kingdom of Spain

		7	SOLE VOTING POWER

			-0-
NUMBER OF
SHARES		8	SHARED VOTING POWER
BENEFICIALLY
			207,859,176
OWNED BY
EACH		9	SOLE DISPOSITIVE POWER
REPORTING
PERSON			-0-
WITH		10	SHARED DISPOSITIVE POWER

			207,859,176


11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	207,859,176

12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
	CERTAIN SHARES (See Instructions)			[ ]


13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	19.63%

14	TYPE OF REPORTING PERSON (See Instructions)
	CO

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This Amendment No. 4 (the “Amendment”) amends and supplements the Statement on Schedule 13D (as previously amended from time to time, the “Schedule 13D”) by Acciona, S.A. (“Acciona”) and Finanzas Dos, S.A. (“Finanzas” and together with Acciona, the “Reporting Persons”), with respect to the American Depositary Shares (the “ADSs”), each representing the right to receive one ordinary share, nominal value €1.20 each (a “Share”), and Shares, of Endesa, S.A. (the “Issuer”). Capitalized terms used and not defined in this Amendment have the meanings set forth in the Schedule 13D. Except as specifically provided herein, this Amendment does not modify any of the information previously reported in the Schedule 13D.

Item 3. Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended to add the following supplemental information:

On November 10, 2006, Finanzas acquired 101,983,965 Shares of the Issuer, representing 9.63% of the Issuer’s capital, for an average price of €35.6242 per share (for a total of €3,633,097,166). The source of funds for these acquisitions is (1) a bridge financing loan from Banco Santander previously committed pursuant to the commitment previously filed as Exhibit 10.2 and (2) funds receivable as cash settlement upon exercising the termination right under the Total Return Swaps. An additional bridge credit contract on comparable terms to that previously filed as Exhibit 10.1 is expected to be entered into with respect to this new bridge financing, and will be filed as an exhibit hereto at such time as it is entered into.

Item 4. Purpose of Transaction.

Item 4 is hereby amended to add the following supplemental information:

The information set forth in Item 5 below is hereby incorporated in this Item 4 by reference.

Item 5. Interest in Securities of the Issuer.

Item 5 is hereby amended to add the following supplemental information:

As previously reported in Amendment No. 3 to the Schedule 13D, on November 3, 2006, the Comisión Nacional de la Energia (the “CNE”), granted approval for Finanzas to acquire up to a percentage that does not require the formulation of a mandatory offer pursuant to current Spanish law (that is, a percentage that is less than 25%) of the capital stock of the Issuer.

On November 10, 2006, after exercising its early termination rights under the Total Return Swaps, Finanzas acquired, in the Spanish stock market, through that market’s automated trading system, in more than 90 different transactions at various prices, a total of 101,983,965 Shares, representing 9.63% of the Issuer’s capital stock. The average price at which these transactions were entered into is approximately €35.625 per Share (and the total expended for such acquisitions, €3,633,154,691.90) . The various prices at which such Shares were acquired on November 10, 2006, and the number of Shares acquired at each such price, are set out in the following table:

Number of Shares		Price per Share
6,000,000		€35.55
35,550		€35.56
3,750,000		€35.57
13,100,000		€35.59
11,700,000		€35.60

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8,550,000		€35.61
5,500,000		€35.62
9,350,000		€35.63
3,450,000		€35.64
11,200,000		€35.65
7,783,965		€35.66
9,200,000		€35.67
3,600,000		€35.68
5,300,000		€35.72

As a result of these transactions, Finanzas, a wholly owned subsidiary of Acciona, has acquired an aggregate of 207,859,176 Shares which constitute 19.63% of the outstanding Shares. Acciona, through Finanzas, has the sole power to vote or direct the vote and dispose or direct the disposition of the Shares. Other than pursuant to the financing arrangements with Banco Santander described under Item 3 of the Schedule 13D, no other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares owned by the Reporting Persons.

Acciona has both filed with the CNMV an Hecho Relevante, or current report, and issued a press release reporting Finanzas’ purchase of additional Shares and related matters. These documents, in their original Spanish and English versions, are attached hereto as Exhibits 99.5 and 99.6, respectively, hereto and are incorporated herein by reference. All Hechos Relevantes filed by Acciona and other reporting persons with the CNMV are available on the internet at http://www.cnmv.es/english/index_e.htm under the “Significant events and other communications” tab. As reflected in the press r elease, ongoing developments in connection with the Issuer have reinforced the Reporting Persons’ belief that the Issuer’s long-term value exceeds E.ON’s current proposed offer and the Reporting Persons’ intention to be key shareholders of the Issuer. Of course, as previously disclosed, the Reporting Persons may change their plans at any time based on their continuing evaluation of their options with respect to the Issuer and the Shares and ADSs and changing circumstances more broadly.

Also on November 10, 2006, Finanzas exercised its early termination rights under each of the Total Return Swaps, relating in aggregate to 101,983,965 Shares or 9.63% of the Issuer’s capital stock and accordingly became entitled to an aggregate payment of approximately €229,510,250 from Banco Santander as contemplated under the Total Return Swaps. This amount is the net of the amount Finanzas was entitled to receive from Banco Santander in accordance with the terms of the Total Return Swaps, and the amount Finanzas was obligated to pay to Banco Santander in accordance with the terms of the Total Return Swaps, computed in each case with reference to the weighted-average market value as of the Shares as of the “Valuation Date”, or approximately €35.625, which by virtue of the termination of the Total Return Swaps, was November 10, 2006, and is exclusive of the amount payable equal t o interest earned at one-month EURIBOR plus 25 basis points on the amounts payable by Finanzas, and of any dividends actually paid by the Issuer on the Shares covered by the Total Return Swaps, which are payable by Banco Santander to Finanzas.

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

Item 6 is hereby amended to add the following supplemental information:

The information set forth in Item 5 above is hereby incorporated in this Item 6 by reference.

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Item 7. Material to be Filed as Exhibits.

Item 7 is hereby amended and restated as follows:

10.1	English Translation of Bridge Credit Contract, dated September 26, 2006, between, Finanzas Dos, S.A. as guaranteed party, Acciona, S.A as guarantor, Banco Santander Central Hispano, S.A. as financing entity.^*

10.2	English Translation of Bridge Credit Commitment, dated September 26, 2006, from Banco Santander Central Hispano, S.A. to Acciona, S.A.^*

10.3	English Translation of Commitment Letter, dated September 26, 2006, from Banco Santander Central Hispano, S.A. to Acciona, S.A. and Finanzas Dos, S.A and related Term Sheets. ^*

10.4	International Swaps and Derivatives Association, Inc. Master Agreement, dated as of September 25, 2006, between Banco Santander Central Hispano, S.A. and Finanzas Dos, S.A. (with Confirmations dated September 25, 2006, September 27, 2006, October 3, 2006, October 4, 2006, October 5, 2006, October 6, 2006, October 9, 2006, October 10, 2006 and October 11, 2006).^*

10.5	Confirmations with respect to the Total Return Swaps entered into on October 12, 13, 16, 17 and 19, 2006.^**

99.1	Complaint filed on October 12, 2006 by E.ON AG and E.ON Zwölfte Verwaltungs GmbH against Acciona, S.A. and Finanzas Dos, S.A. (Civil Action No. 06 CV 8720).^*

99.2	Hecho Relevante filed on October 20, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores.^**

99.3	Resolutions of the Comisión Nacional de la Energia (CNE) regarding Acciona, S.A.’s and Finanzas Dos, S.A.’s ownership in Endesa securities, dated November 3, 2006.^***

99.4	Amended Complaint filed on November 3, 2006, by E.ON AG, E.ON Zwölfte Verwaltungs GmbH and BKB AG against Acciona, S.A. and Finanzas Dos, S.A. (Civil Action No. 06 CV 8720).^***

99.5	Hecho Relevante filed on November 10, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores.

99.6	Press release issued by Acciona, S.A., dated November 10, 2006.

*	Previously filed with Amendment No. 1 to the Schedule 13D.

**	Previously filed with Amendment No. 2 to the Schedule 13D.

***	Previously filed with Amendment No.3 to the Schedule 13D.

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SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: November 13, 2006

ACCIONA, S.A.


By:		/s/ Jorge Vega-Penichet

Name:		Jorge Vega-Penichet
Title:		Company Secretary

FINANZAS DOS, S.A.


By:		/s/ Vicente Santamaria

Name:		Vicente Santamaria
		de Paredes Castillo
Title:		Company Secretary

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EX-99.5 2 ex995.htm EXHIBIT 99.5 exhib995.pdf -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 99.5

COMISION NACIONAL DEL MERCADO DE VALORES
Paseo de la Castellana, 19
28046 – Madrid –

Madrid, 10 de noviembre de 2006

Muy Sres. nuestros:		Dear Sirs,

En cumplimiento de lo dispuesto en el Art. 82 de la Ley 24/1988, de 28 de Julio, del Mercado de Valores, ACCIONA, S.A. comunica lo siguiente		Pursuant to what it is established in Art. 82 of Law 24/1988, of July 28, of the Securities Market, ACCIONA, S.A. states the following




INFORMACION RELEVANTE		MATERIAL INFORMATION


Una vez obtenida la preceptiva autorización administrativa de la Comisión Nacional de la Energía para incrementar su participación en el capital social de ENDESA, S.A. hasta un porcentaje que no exija la formulación de OPA (ver Hecho Relevante nº 72034, de 6 de noviembre), ACCIONA, S.A. ha adquirido en el mercado 101.983.965 acciones de ENDESA, S.A., por un importe total de €3.633.097.166 (€35,6242 por acción). Por tanto, a día de hoy, la participación de ACCIONA, S.A. asciende a un total del 19,63% del capital social de ENDESA, S.A.		Having obtained the mandatory administrative authorization from the Comisión Nacional de la Energía to increase its shareholding in the corporate capital of ENDESA, S.A. up to a percentage that does not require a mandatory tender offer (see Hecho Relevante number 72034 of November 6), ACCIONA, S.A. has acquired, in the market, 101,983,965 shares of ENDESA, S.A. for a total of €3,633,097,166 (€35.6242 per share). Thus, as of today the shareholding of ACCIONA, S.A. aggregates to a total of 19.63% of the corporate capital of ENDESA, S.A.
















Esta adquisición ha sido financiada por Banco Santander, en los términos y condiciones ya anunciados para la adquisición del 10% inicial mediante Hecho Relevante nº 71032 de fecha 25 de septiembre.		This acquisition has been financed by Banco Santander, under the terms and conditions already published for the acquisition of the initial 10% in the Hecho Relevante number 71032 of September 25.

Atentamente/Yours sincerely,

Fdo: Jorge Vega-Penichet

Secretario del Consejo

Company Secretary

EX-99.6 3 prspanish.htm EXHIBIT 99.6 prspanish.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 99.6

ACCIONA ALCANZA EL 19,63% EN ENDESA Y, COMO SU
PRIMER ACCIONISTA, CONSIDERA ABSOLUTAMENTE
NEGATIVO CONVERTIR A ENDESA EN FILIAL DE E ON

Madrid, 10 de noviembre de 2006.- Durante el día de hoy, ACCIONA, una vez obtenida la preceptiva autorización administrativa de la Comisión Nacional de la Energía el pasado día 3 de noviembre, ha adquirido en el mercado 101.983.965 acciones de Endesa, representativas del 9,63% del capital social, lo que eleva la participación total de Acciona en Endesa hasta el 19,63%.

Estas 101.983.965 acciones de Endesa han sido adquiridas a un precio medio de 35,6242 euros por acción, lo que implica un desembolso total de 3.633 millones de euros.

Con esta nueva operación de compra, ACCIONA sigue su plan previsto de ampliar su participación en Endesa sin superar el límite del 24,9%.

El aumento de la participación concretado hoy consolida y refuerza el papel de ACCIONA como primer accionista de Endesa y ratifica el compromiso de futuro de la inversión acometida. Por este motivo y como principal accionista de Endesa, ACCIONA quiere manifestar que considera absolutamente negativo convertir a Endesa en una filial del grupo alemán E.On y que suscribe plenamente la postura manifestada por Endesa, que considera que el precio ofrecido por la operadora alemana de 35 € por acción está por debajo del valor real y, sobre todo, potencial de la compañía.

ACCIONA considera que Endesa es una compañía excelente y que tiene ante sí un gran potencial mediante la alineación de sus recursos hacia un modelo energético basado en el crecimiento de su capacidad, especialmente en renovables, uno de los pilares estratégicos de ACCIONA. La confianza en este posicionamiento estratégico hace que ACCIONA ratifique que Endesa vale más y, por tanto, que el precio ofertado por el grupo alemán no refleja adecuadamente sus extraordinarias perspectivas de futuro.

El desacuerdo de ACCIONA con el grupo alemán se basa ,además, en la desconfianza en sus prácticas de gobierno empresarial y responsabilidad social corporativa, habida cuenta de las presuntas actuaciones publicadas por la prensa nacional e internacional, y las investigaciones, expedientes y causas judiciales que tiene abiertas con las autoridades españolas, alemanas, comunitarias y estadounidenses.

Sin ánimo de ser exhaustivos y siempre según las informaciones publicadas, E.On se enfrenta hoy a una demanda en España por el posible uso de información privilegiada en su tentativa de compra de Endesa en un tribunal

de Barcelona, extremo que presuntamente está siendo investigado también formalmente por la autoridad bursátil alemana (BaFin). En Estados Unidos, la SEC, según informaciones publicadas, sospecha de irregularidades financieras y está examinando la contabilidad de E.On en los ejercicios 2000, 2001, 2002 y 2003.

Hoy mismo, según se puede leer en la prensa, la Comisión Europea ha anunciado que ha expedientado a E.On por violar los precintos impuestos por los inspectores comunitarios a sus instalaciones, dentro de una investigación sobre las prácticas abusivas del grupo que restringen la competencia en el sector energético europeo. Los precintos están destinados a garantizar la no destrucción o manipulación de pruebas.

Lo anterior parece que encaja perfectamente con la falta de respeto y confianza demostrada hacia las autoridades reguladoras y tribunales españoles y comunitarios al abrir un proceso judicial en Estados Unidos en contra de ACCIONA, ya que según el propio presidente de E On “es el lugar donde se puede equilibrar el terreno de juego”

Las actuaciones de E.On interponiendo demandas contra ACCIONA en los tribunales de Estados Unidos constituyen, además, una forma de hostigamiento y presión hacia el primer accionista de Endesa.

A estas dudas sobre la transparencia de la gestión corporativa de E.On se suman las referentes al control de sus operaciones como consencuencia del apagón que sufrieron más de 10 millones de ciudadanos en la UE y del cual la compañía probablemente tendrá que asumir responsabilidades.

ACCIONA, desde el absoluto respeto a los tribunales y autoridades competentes de EE.UU reitera, en cualquier caso, que las acusaciones en las que se basa la demanda presentada en EE.UU por parte de E.On son absolutamente falsas, ya que la compañía española ha realizado su inversión estratégica en Endesa cumpliendo estrictamente todas las normas de transparencia de cara al mercado de valores, los inversores, las autoridades reguladoras y los restantes accionistas de Endesa y con pleno cumplimiento de todas las leyes vigentes en los países en los que, tanto la propia ACCIONA como Endesa, como empresa participada, tienen que rendir cuentas.

En este sentido, la compañía ha presentado hoy alegaciones adicionales que respalden su postura en el juzgado de Nueva York.

ACCIONA reitera que la entrada en el capital de Endesa, decisión tomada de forma absolutamente autónoma e independiente, se encuadra en su estrategia de creación de valor para sus accionistas, directivos y empleados a partir del desarrollo de un modelo energético sostenible.

ACCIONA, líder en infraestructuras, servicios y energías renovables

ACCIONA es una de las principales corporaciones españolas con actividades en una veintena de países de los cinco continentes en los ámbitos de las infraestructuras, las energías renovables, los recursos hidráulicos, los servicios urbanos y medioambientales, los servicios logísticos y de transporte, la promoción de viviendas y la gestión de hospitales, entre otras actividades.

En el primer semestre de 2006, ACCIONA alcanzó unas ventas de 2.873 millones de euros (37,3% más), EBITDA de 458 millones de euros (52,1% más), y un resultado neto de 188 millones de euros (un 38% más). Asimismo, las inversiones alcanzaron los 1.555 millones de euros, un 218% más con respecto al ejercicio anterior. ACCIONA cotiza en el selectivo índice bursátil del IBEX-35 (ANA.MC), con una capitalización cercana a los 9.000 millones de euros.

ACCIONA’s shares in Endesa reach 19.63% and, as main shareholder,
it considers that converting Endesa into a subsidiary of E. ON would be
absolutely negative (10/11/2006)

Madrid, 10 November 2006. After receiving the necessary administrative authorisation from the National Energy Commission on 3rd November last, ACCIONA has acquired on the market 101,983,965 shares of Endesa, representing 9.63% of its share capital and placing its total shareholding in Endesa at 19.63%

These 101,983,965 Endesa shares have been acquired at an average price of €35.6242 per share, which has gives a total disbursement of €3.663 billion.

With this new purchase operation, ACCIONA continues its plan to increase its participation in Endesa, without exceeding the limit of 24.9% .

The increase in its shareholding materialised today consolidates and reinforces ACCIONA's role as major shareholder in Endesa and ratifies its future commitment to the investment undertaken. For this reason, and as Endesa's major shareholder, ACCIONA wishes to state that it considers converting Endesa into a subsidiary of the German group E.On as absolutely negative and that it is fully in agreement with the position declared by Endesa, which considers that the price of €35 per share offered by the German operator is below the real and, above all, potential value of the company.

ACCIONA considers that Endesa is an excellent company and that it has great potential through the alignment of its resources in an energy model based on growth of its capacity, particularly in renewable energies, one of ACCIONA'S strategic pillars. Its confidence in this strategic positioning is what has led ACCIONA to ratify that Endesa is worth more and, therefore, that the price offered by the German group does not adequately reflect its extraordinary perspectives for the future.

ACCIONA's disagreement with the German group is also based on a lack of confidence as regards its business management practices and its corporate social responsibility, taking into account the alleged actions published in the national and international press and the investigations, procedures and legal proceedings currently underway with Spanish, German, Community and U.S. authorities.

To mention but a few and always according to the information published, E.On is currently facing a lawsuit in Spain, before a court in Barcelona, for the possible use of privileged information in its attempt to purchase Endesa, a matter for which it is also allegedly being formally investigated by the German stock exchange authority (BFin). In the United States, according to information

published, the SEC suspects financial irregularities and are inspecting E.On's account's for the years 2000, 2001, 2002 and 2003.

Precisely today, as can be read in the press, the European Commission has announced that it has taken disciplinary action against E.On for breaking the seals placed by Community inspectors in its facilities during an investigation on abusive practices by the group that limit competition in the European energy sector. The seals were placed to guarantee there would be no destruction or manipulation of evidence.

The aforementioned would seem to fits in perfectly with the lack of respect and trust it has demonstrated towards the Spanish and Community regulatory authorities and courts by initiating a legal procedure in the United States against ACCIONA as, according to the Chairman of E.On, "it is the place where the playing field can be balanced out"

These doubts on the transparency of E.On's corporate management are joined those referring to the control of its operations, as a result of the blackout that affected over 10 million EU citizens, for which the company will probably have to assume liability.

ACCIONA, from a position of absolute respect for the courts and competent authorities in the U.S., reiterates, in any case, that the accusations that are the basis of the suit filed in the U.S. by E.On are completely false, as the Spanish company has carried out its strategic investment in Endesa in strict compliance with all the rules of transparency in relation to the securities market, the investors, the regulatory authorities and the other shareholders in Endesa and in full compliance with all the current laws of the countries that ACCIONA itself and Endesa, as participated company, are required to account to.

In this respect, the company has today presented in the New York court, additional allegations that supports its position.

ACCIONA reiterates that its participation in Endesa's share capital, decision that was taken completely freely and independently, forms part of its strategy to create value for its shareholders, management and employees through the development of a sustainable energy model.

ACCIONA, leader in infrastructures, services and renewable energies

ACCIONA is one of the Spain's most important corporations with activities in twenty or so countries in the five continents, in the areas of infrastructures, renewable energy, hydraulic resources, urban and environmental services, logistics and transport services, housing development and hospital management, amongst others.

In the first six months of 2006, ACCIONA obtained €2.873 billion (+37.3%) in sales, an EBITDA OF €458 million (+52.1%) and net earnings of €188 million (+38%). Furthermore, its investments rose to €1.555 billion, that is, 218% more than in the previous financial period. ACCIONA is listed on the select IBEX-35 (ANA.MC) stock market index, with a capitalisation of close to €9 billion.

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