-----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, ET7cXIT1gFLTLTFr429PLvLfdIis17MqZjnzMpWKu2yJxFZc6jbYg9+Ns4MTIUxH c9B+NeRwZEKZ6Z0GTKFPZg== 0000898822-06-001422.txt : 20061205 0000898822-06-001422.hdr.sgml : 20061205 20061204211140 ACCESSION NUMBER: 0000898822-06-001422 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 47 FILED AS OF DATE: 20061205 DATE AS OF CHANGE: 20061204 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: 061255825 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 sc13dadec4.htm SC 13D/A sc13dadec4.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. 6)*

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-Penichet
+34 91 663 2850

Copy to:

Wachtell, Lipton, Rosen & Katz
51 West 52nd 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)

December 4, 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, WC     
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        211,750,424 
EACH          
 REPORTING    9    SOLE DISPOSITIVE POWER 
    PERSON           
          WITH       -0- 
    10    SHARED DISPOSITIVE POWER 
 
        211,750,424 

 
11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON     
    211,750,424    
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)     
    20%                       
   
14    TYPE OF REPORTING PERSON (See Instructions)     
    CO     
 

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SCHEDULE 13D

  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, AF     
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        211,750,424 
EACH         
REPORTING    9    SOLE DISPOSITIVE POWER 
PERSON         
WITH        -0- 
  10    SHARED DISPOSITIVE POWER 
 
        211,750,424 

 
11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON     
    211,750,424     
 
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)     
    20%     
14    TYPE OF REPORTING PERSON (See Instructions)     
    CO     

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     This Amendment No. 6 (“Amendment No. 6”) restates, amends and supplements the statement on Schedule 13D (as previously amended from time to time, the “Schedule 13D”) filed by Acciona, S.A. (“Acciona”) and Finanzas Dos, S.A. (“Finanzas” and together with Acciona, the “Reporting Persons”), pursuant to a Joint Filing Agreement filed with the original Schedule 13D on October 5, 2006, with respect to the ordinary shares, nominal value €1.20 each (a “Share”), and the American Depositary Shares (the “ADSs”), each representing the right to receive one Share of Endesa, S.A. (“Endesa” or the “Issuer”). The Reporting Persons are restating, amending and supplementing the Schedule 13D at this time to address matters arising in connection with litigation brought against the Reporting Persons in the U.S. District Court fo r the Southern District of New York by E.ON AG, E.ON Zwölfte Verwaltungs GmbH, and BKB AG (together, “E.ON”), in particular the Court’s decision that there was a likelihood that Acciona’s previous filings were inaccurate or incomplete in certain respects. The Reporting Persons are filing this Amendment No. 6 to reflect their purposes and intention concerning their ownership of Shares, their intent to remain a long-term strategic investor of Endesa and to take an active role in the management and operations of Endesa as a key shareholder in the company, and their intent with respect to the tender offer for Shares proposed by E.ON. This Amendment No. 6 makes all of the information disclosed in the Schedule 13D available in a single document, easily accessible to the marketplace and to the shareholders of Endesa, who may be called upon to decide for themselves whether or not to tender their Shares into the offer proposed by E.ON.

     Acciona’s purposes and intention with regard to its acquisition of Endesa Shares and E.ON’s proposed tender offer for control of Endesa are described in Item 4 below, and can be stated as follows:

  • Acciona is currently Endesa’s largest shareholder. Acciona owns 20% of Endesa’s Shares and is considering increasing its stake up to 24.9% of Endesa’s Shares, the maximum percentage that does not require the formulation of a mandatory offer under current Spanish law. Spain, however, may increase this threshold to 30%, in which case Acciona would consider acquiring up to 30% of Endesa’s Shares.

  • Acciona believes that an Endesa that continues as a publicly-held company, is an attractive long-term business proposition, especially with Acciona as a key shareholder of the company.  Acciona is one of the world’s largest investors in renewable energies, and it has a strategic interest in Endesa. Acciona has invested more than $5 billion in renewable energies and is recognized as one of the international leaders in this industry. Acciona believes that it has demonstrated strategic vision, an innovative approach to the energy sector, a solid track record, and a commitment to renewable energies and the environment that would add value to an independent, publicly held Endesa. Endesa has excellent assets, including in renewable energies, a wide geographic footprint, talented human resources, and great technical expertise.

  • Acciona wants to be a long-term strategic investor in Endesa and to take an active role in determining and implementing its strategic direction. Acciona intends to obtain representation on Endesa’s board, and to participate in the management of the company as its key shareholder. Acciona is communicating its view of an independent, publicly held Endesa with current and potential Endesa shareholders. Acciona has no intent to control Endesa by seeking to nominate and elect a majority of its directors or by acquiring a majority of Endesa’s capital stock.

  • Acciona believes that E.ON’s bid to take over Endesa for €35 per Share is inadequate. Acciona believes that Endesa’s value as an independent, publicly held company, particularly with Acciona as a leading shareholder playing an active role in leading the company, is well in excess of €35 per Share.

  • E.ON’s plan to control Endesa relegating it to a subsidiary of E.ON would deprive Endesa’s shareholders, including Acciona, of participating as investors in the value that Acciona believes would be created by an independent, publicly held Endesa. E.ON’s tender offer for Endesa is

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    inconsistent with Acciona’s goal to play an active role in an independent Endesa as its key shareholder. As a result, Acciona does not intend to sell its Endesa shares into the E.ON tender offer at €35 and intends to seek to persuade Endesa’s other shareholders to reject that offer.

  • Acciona does not want to be a minority shareholder of a subsidiary of E.ON. While Acciona hopes to persuade Endesa’s shareholders that Acciona offers the more attractive vision for Endesa’s future, if the holders of a majority of Endesa’s capital stock would rather tender to E.ON than participate as investors in an independent, publicly held Endesa with Acciona as a key shareholder, Acciona expects that it would sell its Shares.

  • Acciona and E.ON are presenting two different alternatives for the future of Endesa. Acciona believes that the decision between the two alternatives should be made by the shareholders of Endesa. In order to give the shareholders of Endesa that choice, Acciona intends to continue to develop its alternative of an independent, publicly held Endesa and to present it to the Endesa shareholders for their consideration.

  • IN ACCIONA’S OPINION, THE CHOICE SHOULD BE MADE BY THE SHAREHOLDERS OF ENDESA.

     This amended and restated Schedule 13D, together with the exhibits hereto, also makes available to United States investors summaries, copies and translations of information made publicly available in Spain through press statements and official filings by Acciona with the Comisión Nacional del Mercado de Valores (the “CNMV”), the Spanish agency in charge of supervising and inspecting the Spanish stock markets and the activities of all the participants in those markets, some of which had not previously been translated in their entirety into English or not publicly filed with the Schedule 13D.

             Each of the Items below is hereby amended and restated in its entirety as follows:

  Item 1. Security and Issuer.

             This Schedule 13D relates to the Shares and ADSs of Endesa, a corporation organized under the laws of the Kingdom of Spain. Endesa’s principal executive offices are located at Ribera del Loira, 60, 28042 Madrid, Spain.

  Item 2. Identity and Background.

             This Schedule 13D is filed by Acciona, a corporation organized under the laws of the Kingdom of Spain and Finanzas, a corporation organized under the laws of the Kingdom of Spain, and a wholly owned subsidiary of Acciona. Acciona is one of Spain’s most important corporations and a pioneer in contributing to sustainable development worldwide, with activities in twenty or so countries in the five continents, through its main lines of business: development and management of infrastructure and real estate projects, logistics and transport services, urban and environmental services, and development and operation of renewable energies and hydraulic resources. In the first nine months of 2006, Acciona had €4,571 billion (+32.3% from the same period in 2005) in revenue, EBITDA of €729 million (+39.5% from the same period in 2005) and net profits of €320 million (+25.3% from the same period in 2005). Acciona’s energy business contributed 46.5% of total EBITDA for that period. Also during the first nine months of 2006, Acciona’s capital expenditures rose to €5.2 billion, an increase of 532% over the same period in 2005. Acciona is publicly listed and traded in Spain, and a member of the select IBEX-35 (ANA.MC) stock market index, with a capitalization of close to €9 billion. Additional information concerning Acciona is available on the internet at http://www.acciona.es/ in Spanish and at http://www.acciona.es/default.asp?idioma=En in English.

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             The principal offices of Acciona and Finanzas are located at Avenida de Europa, 18, Parque Empresarial La Moraleja, Alcobendas, Madrid, Spain 28108. See Annex 1 filed with this Amendment No. 6 for a list of Acciona’s and Finanzas’ current executive officers and directors.

             During the past five (5) years, none of Acciona, Finanzas, and to the best of their knowledge, their directors or executive officers has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to United States federal or state securities laws or finding any violation with respect to such laws.

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

             On September 25, 2006, Finanzas, a wholly owned subsidiary of Acciona, purchased, through Banco Santander Central Hispano, S.A. (“Banco Santander”) as broker, and using the services of Bear Stearns and Fidentis, 105,875,211 Shares, constituting 10% of the outstanding Shares, for €32.00 per Share, or €3.388 billion in the aggregate.

             In addition, beginning on the same day as Finanzas acquired these Shares, September 25, 2006, and continuing through October 19, 2006, Finanzas entered into 14 total-return swap agreements (the “Total Return Swaps”) with Banco Santander, relating to a total of 101,983,965 Shares of Endesa, representing 9.63% of Endesa’s capital stock. The Total Return Swaps, described in detail below in Items 5 and 6, have all been terminated in accordance with their terms, and no such arrangements are currently in effect.

             On November 10, 2006, following termination of the Total Return Swaps, Finanzas acquired 101,983,965 Shares of Endesa, representing 9.63% of Endesa’s capital stock, for an average price of €35.6242 per Share (for a total of €3,633,097,166).

             On November 15, 17 and 20, 2006, Finanzas acquired a total of 3,891,248 Shares of Endesa, representing 0.37% of Endesa’s capital stock, for an average price of approximately €35.933 per Share (and the total expended for such acquisitions, €139,825,272.70) .

             Additional information concerning these acquisitions and the Reporting Persons’ ownership of the Shares acquired is set forth in Items 4, 5 and 6 below. The sources of funds for these acquisitions are as follows:

             With respect to the Shares acquired on September 25, 2006, the €3.388 billion purchase price was financed by Banco Santander through a bridge facility to Finanzas, which was guaranteed by Acciona. The bridge facility consists of a loan, due no later than February 28, 2007, with an interest rate of EURIBOR plus 25 basis points per annum. An English translation of this bridge facility (the “Bridge Facility”) is attached hereto as Exhibit 10.1 and incorporated herein by reference. Banco Santander also committed to provide bridge financing on similar terms for the acquisition of up to an additional 10% of the outstanding Shares (in addition to the 10% covered by the Bridge Facility). An English translation of this bridge commitment (the “Additional Bridge Commitment ”) is attached hereto as Exhibit 10.2 and incorporated herein by reference.

             Banco Santander has further committed to partially refinance the Bridge Facility and the Additional Bridge Commitment with senior term loans and senior revolving loan facilities (the “Long-Term Financing”) having a final maturity of six years. The Long-Term Financing commitment requires Finanzas to be funded with €656 million of capital and subordinated loans, and requires Acciona to commit (the “Coverage Ratio Commitment”) to make additional subordinated loans to Finanzas of up to €435 million as needed to pay down the revolving loan facility so as to maintain a 115% coverage ratio of the market value of the Shares held by Finanzas to the outstanding balance of the Long-Term Financing

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loans. Acciona is not required to guarantee the Long-Term Financing. The Shares held by Finanzas, Finanzas’ own shares, Finanzas’ bank accounts and Finanzas’ rights under the Coverage Ratio Commitment will be pledged to the lenders to secure Finanzas’ obligations under the Long-Term Financing. The interest rate payable by Finanzas for the largest term loan tranche is initially EURIBOR plus 60 basis points per annum and increases over the term of the loan to EURIBOR plus 90 basis points per annum; the interest rate for the revolving loans is EURIBOR plus 50 basis points per annum. It is also expected that Acciona will undertake to refund to Finanzas an amount equivalent to any tax credits generated by Finanzas which could potentially be used by Acciona to reduce its taxable profit on a consolidated basis (regardless of whether circumstances actually allow for the offset of such credit in the financial year when the credit arose).

             Banco Santander also provided a commitment to Acciona to finance Acciona’s capital contributions and subordinated loans to Finanzas (including the subordinated loans required by the Coverage Ratio Commitment) contemplated by the Long-Term Financing with a senior term loan and a senior revolving loan facility as recourse financing having a final maturity of six years (the “Acciona Financing”). Loans under the Acciona Financing would bear interest at EURIBOR plus 50 basis points per annum. The definitive documentation with respect to the Long-Term Financing and the Acciona Financing has not yet been completed. Banco Santander’s commitment with respect to the Long-Term Financing and the Acciona Financing is subject to customary conditions including the completion o f definitive documentation and the absence of a material adverse change with respect to Acciona and Finanzas. An English translation of the commitment letter from Banco Santander with respect to the Long-Term Financing and the Acciona Financing including the term sheets describing the Long-Term Financing and the Acciona Financing are attached hereto as Exhibit 10.3 and incorporated herein by reference.

             With respect to the Shares acquired on November 10, 2006, the source of funds was (1) a bridge financing loan from Banco Santander under the Additional Bridge Commitment and (2) funds receivable as cash settlement upon exercising the termination right under the Total Return Swaps. In order to document the additional bridge financing loan from Banco Santander under the Additional Bridge Commitment, the parties entered into a formal amendment and extension, dated November 15, 2006, to the Bridge Facility, increasing the amount of funds available to the Reporting Persons for the purposes of acquiring capital stock of Endesa to €6,950,000,000. This formal amendment and extension, dated November 15, 2006, is attached as Exhibit 10.6 and incorporated herein by reference.

             With respect to the Shares acquired on November 15, 17 and 20, 2006, the source of funds was (a) €8,546,426.41 of working capital of Acciona, provided by Acciona to Finanzas in the form of a shareholder loan; (b) additional amounts drawn under the Bridge Facility, as amended by the amendment and extension described in the prior paragraph.

         Item 4. Purpose of Transaction.
 
Background 

             On September 5, 2005, Gas Natural SDG, S.A. (“Gas Natural”), the largest supplier of natural gas in Spain, announced its intention to commence a hostile exchange offer for all of the Shares and ADSs of Endesa. Based on the then-current trading price of Gas Natural’s own stock, its proposed offer consisted of 34.5% cash and 65.5% in its own shares, or €7.34 in cash and 0.569 Gas Natural shares for each Endesa Share or ADS. Based on the then-current trading price of Gas Natural’s own stock, this implied a value of €21.301 for each Endesa Share or ADS. Gas Natural made publicly available a presentation promoting its offer (at http://portal.gasnatural.com/servlet/Cont entServer?gnpage=3-10-1&centralassetname=3-10-BloqueHTML-450#). The offer remains pending, and both Gas Natural and Endesa have continued to make information concerning the proposed offer publicly available in both Spanish and English on their respective web sites (at www.gasnatural.com/ and http://www.endesa.com/,

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respectively) through filings with the CNMV (which are available on line at http://www.cnmv.es/english/index_e.htm) and through filings in the United States with the U.S. Securities and Exchange Commission (the “SEC”) (which are available on line at http://www.sec.gov/edgar/searchedgar/webusers.htm).

             On February 21, 2006, E.ON announced its intention to launch a competing €27.50 per Share, all cash tender offer for Endesa. E.ON made publicly available a press release promoting its offer (at http://www.eon.info/common/inc/news_download.php?pdf=20061010105338_pdf_02_en.pdf). E.ON has continued to make information concerning the proposed offer publicly available on its web site in English (at http://www.eon.info/) and through filings with the CNMV and the SEC. As with the Gas Natural offer, Endesa has also continued to make information concerning the proposed E.ON offer publicly available in both Spanish and Eng lish on its web sites and through filings with the CNMV and the SEC. On February 24, 2006,the Spanish government passed legislation requiring approval from the Comisión Nacional de la Energía (the “CNE”), the Spanish energy regulator, for acquisitions of more than 10% of a Spanish energy company.

             Both the E.ON and Gas Natural bids have also been the subject of ongoing litigation in the Spanish courts. Upon the announcement of E.ON’s bid, Endesa sued to block Gas Natural’s bid. In March, Endesa persuaded a Madrid court to enjoin Gas Natural’s bid pending a determination whether the bid violated European antitrust laws. And in April, at Endesa’s request the Spanish Supreme Court suspended the Spanish government’s approval of Gas Natural’s bid.

             Shortly thereafter, Gas Natural initiated a proceeding in a Barcelona court against E.ON, Endesa, and Deutsche Bank AG of Germany (an adviser to Endesa and a financier of E.ON). Gas Natural’s complaint alleges that Endesa and E.ON had illegal contacts before E.ON announced its bid and that Endesa violated Spanish law by sharing inside information with E.ON.

             In July 2006, Endesa paid a special dividend of €2.095 per Share. Both E.ON and Gas Natural then correspondingly lowered their bids for Endesa. Gas Natural’s offer was reduced to €5.983 and 0.569 of its own shares for every Endesa Share and ADS, while E.ON’s bid was reduced to €25.405 per Endesa Share or ADS.

             On July 27, 2006, the CNE approved E.ON’s offer, subject to several conditions.

             On September 25, 2006, at a time when E.ON’s bid for Endesa was €25.405 per Share, Finanzas purchased 105,875,211 Shares, constituting 10% of the outstanding Shares, for €32.00 per Share, or €3.388 billion in the aggregate, and by September 27, 2006, Finanzas had also entered into Total Return Swaps with respect to an additional 5.01% of Endesa’s capital stock (3.692% at €32.00 per Share on September 25 and 1.318% at €34.79 per Share on September 27).

             On September 25, 2006, Acciona issued a press release announcing its acquisition of the Shares. Before issuing this press release, Acciona filed with the CNMV an Hecho Relevante, or current report, disclosing its acquisition of the Shares. An English translation of this Hecho Relevante is attached hereto as Exhibit 99.9 and is 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.

             Acciona also released on September 26, 2006, a press release relating to its acquisition of an interest in Endesa, a Powerpoint presentation relating to the investment, and an additional background note on the investment. Each of these was also filed as an Hecho Relevante. An English translation of the Hecho Relevante including the press release is attached hereto as Exhibit 99.11 and is incorporated herein by reference. The Powerpoint presentation relating to the acquisition of an interest in Endesa, which was originally prepared, made available and filed as an Hecho Relevante in English is attached hereto as Exhibit 99.12 and is incorporated herein by reference. The presentation is also available on the

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internet at http://www.acciona.es/secciones/0002040308/Es/Acciona_presentation.pdf. An English translation of the additional background note on the investment, which was also filed as an Hecho Relevante, is attached hereto as Exhibit 99.14 and is incorporated herein by reference.

             In the Hecho Relevante filed on September 26, 2006 and attached as Exhibit 99.14, Acciona disclosed publicly that at the same time as it had acquired a 10% interest in Endesa, it had also entered into hedging arrangements (the Total Return Swaps) relating to an additional 3.692% of Endesa’s capital stock. In this Hecho Relevante Acciona stated that the acquisition was in furtherance of a long-term business project, with the intention of taking part in Endesa’ ;s management, together with other strategic partners who hold or may acquire significant interests in Endesa.

             On September 26, 2006, following the public announcement of the Reporting Persons’ initial acquisition of Shares and entry into Total Return Swaps, E.ON announced its decision to increase its proposed tender offer from €25.405 per Share to €35.00 per Share. The undertaking to effect this increase has been confirmed in E.ON’s tender offer prospectus subsequently filed with and approved by the CNMV.

             On September 27, 2006 Acciona filed an Hecho Relevante (attached hereto as Exhibit 99.16) disclosing that it had entered into additional Total Return Swaps relating to an additional 1.318% of Endesa’s capital stock, such that on that date it had entered into Total Return Swaps relating to a total of 5.01% of Endesa’s capital stock.

             On October 18, 2006, having already found that the CNE’s conditions violated European Union merger rules by breaching certain provisions on the free movement of capital and of establishment and that some of the conditions breached provisions on the free movement of goods, the European Commission started infringement proceedings against the Kingdom of Spain aimed at the removal of the conditions the CNE had placed on E.ON’s offer.

             On October 19, 2006 the Reporting Persons filed Amendment No.1 to the Schedule 13D describing their financing arrangements with Banco Santander and reporting that they had entered into additional Total Return Swaps such that on that date they had entered into Total Return Swaps relating to a total of 9.63% of the outstanding Shares. Amendment No. 1 and other related information were filed as an Hecho Relevante on October 20, 2006, and an English translation is attached hereto as Exhibit 99.18.

             On November 2, 2006, the Barcelona court presiding over Gas Natural’s claim against E.ON opened an investigation into potentially unlawful contacts and transfer of confidential information between E.ON and Endesa before the public announcement of E.ON’s bid.

             On November 3, 2006, the Reporting Persons received the approval of the CNE to acquire up to an amount less than 25% of Endesa’s capital.

             On November 4, 2006, the Spanish Ministry of Industry announced that several of the conditions that the CNE had placed on E.ON’s offer were going to be lifted, and E,ON accepted the remaining conditions. On November 16, 2006, CNMV approved E.ON’s offer.

             On November 10, 2006, Acciona terminated the Total Return Swaps, and acquired an additional 9.63% of Endesa’s Shares at an average price of €35.62 per Share.

             On November 14, 17, and 20, 2006, Acciona acquired an additional 0.37% of Endesa’s Shares at an average price of €35.93 per Share.

             On November 17, 2006 Endesa made a request to the Spanish courts that the suspension of the Gas Natural offer be lifted to allow the E.ON offer to proceed. With Gas Natural’s offer still suspended, it is not expected that E.ON’s offer will be able to proceeded immediately.

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     On November 21, 2006, the board of directors of Endesa, by unanimous vote, recommended that Endesa shareholders not accept the E.ON tender offer at its current price of €25.405 per Share, given E.ON’s irrevocable commitment to raise the offer price to a minimum of €35 per Share. At that time the board of directors of Endesa did not address the €35 per Share price that had been announced by E.ON.

The Reporting Persons purposes and intention with regard to their acquisition of Endesa Shares and E.ON’s proposed tender offer for control of Endesa.

     Acciona determined that following the time when Gas Natural and E.ON had made their proposals to acquire Endesa, the Shares were still undervalued, and that an investment in Endesa represented a unique opportunity for Acciona to become a key shareholder in a leading energy company with excellent energy assets. Acciona believed that it could add value to Endesa by taking an active role in Endesa’s management. Acciona determined that an investment in Endesa would fit within its ongoing strategy to become a key player in the renewable energy sector generally and, in particular, in the power sector, which Acciona believes has significant growth potential in coming years, particularly in Spain due to increasing demand and rising prices.

     In this regard, according to a recent International Energy Agency Report, world primary energy demand is expected to grow by 60% by 2030. The global power sector will need 4,800 gigawatts of new generation capacity to be installed by 2030, which represents more than $9 trillion of investment. Acciona believes that the Spanish power sector is particularly well poised for growth, that electricity demand in Spain is expected to grow on a compound annual growth basis of more than 4% until 2010, and that prices are expected to increase between 3% and 6% on a compound annual growth basis from 2006 to 2010. Acciona views Endesa as a global leader in the electricity sector, having one of the most efficient generation portfolios in the sector, a globally diversified generation mix, positive cash flow generation in all businesses, a strong commitment to value creation and shareholder return, and an attractive business plan.

     Acciona’s purposes and intention with regard to its acquisition of Endesa Shares and E.ON’s proposed tender offer can be stated as follows:

  • Acciona is currently Endesa’s largest shareholder. Acciona owns 20% of Endesa’s Shares and is considering increasing its stake up to 24.9% of Endesa’s Shares, the maximum percentage that does not require the formulation of a mandatory offer under current Spanish law. The CNE has already cleared the acquisition by Acciona of Endesa’s Shares up to this percentage. Spain, however, may increase the threshold for mandatory offers to 30%, in which case Acciona would consider acquiring up to 30% of Endesa’s Shares. Such acquisition would be subject to further approval by the CNE.

  • Acciona believes that an Endesa that continues as a publicly-held company, is an attractive long-term business proposition, especially with Acciona as a key shareholder of the company. Acciona is one of the world’s largest investors in renewable energies, and it has a strategic interest in Endesa. Acciona has invested more than $5 billion in renewable energies and is recognized as one of the international leaders in this industry. Acciona believes that it has demonstrated strategic vision, an innovative approach to the energy sector, a solid track record, and a commitment to renewable energies and the environment that would add value to an independent, publicly held Endesa. Endesa has excellent assets, including in renewable energies, a wide geographic footprint, talented human resources, and great technical expertise.

  • Acciona wants to be a long-term strategic investor in Endesa and to take an active role in determining and implementing its strategic direction. Acciona intends to obtain representation on Endesa’s board, and to participate in the management of the company as its key shareholder. Acciona is communicating its view of an independent, publicly held Endesa with current and potential Endesa

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    shareholders. Acciona has no intent to control Endesa by seeking to nominate and elect a majority of its directors or by acquiring a majority of Endesa’s capital stock.

  • Acciona believes that E.ON’s bid to take over Endesa for €35 per Share is inadequate. Acciona believes that Endesa’s value as an independent, publicly held company, particularly with Acciona as a leading shareholder playing an active role in leading the company, is well in excess of €35 per Share. Of course, there can be no assurance as to the future value or trading performance of the Shares.

  • E.ON’s plan to control Endesa relegating it to a subsidiary of E.ON would deprive Endesa’s shareholders, including Acciona, of participating as investors in the value that Acciona believes would be created by an independent, publicly held Endesa. E.ON’s tender offer for Endesa is inconsistent with Acciona’s goal to plan an active role in an independent Endesa as its key shareholder. As a result, Acciona does not intend to sell its Endesa shares into the E.ON tender offer at €35 and intends to seek to persuade Endesa’s other shareholders to reject E.ON’s offer.

  • Acciona does not want to be a minority shareholder of a subsidiary of E.ON. While Acciona hopes to persuade Endesa’s shareholders that Acciona offers the more attractive vision for Endesa’s future, if the holders of a majority of Endesa’s capital stock would rather tender to E.ON than participate as investors in an independent, publicly held Endesa with Acciona as a key shareholder, Acciona expects that it would sell its Shares.

  • Acciona and E.ON are presenting two different alternatives for the future of Endesa. Acciona believes that the decision between the two alternatives should be made by the shareholders of Endesa. In order to give the shareholders of Endesa that choice, Acciona intends to continue to develop its alternative of an independent, publicly held Endesa and to present it to the Endesa shareholders for their consideration.

             In the context of the Reporting Person’s intent to remain a long-term strategic investor of Endesa and to take an active role in the management and operations of Endesa as the key shareholder in the company, the Reporting Persons intend to develop a strategic plan for Endesa. The Reporting Person continue to evaluate different strategic options for Endesa, including, among other options to realize any existing potential synergies between Acciona and Endesa as independent companies, and the combination of Acciona’s and Endesa’s know-how, business and/or assets in the renewable energy sector.

The Reporting Persons’ Acquisitions Through Banco Santander and Total Return Swaps

             On September 25, 2006, Acciona retained Banco Santander pursuant to a Stock Purchase Order, instructing Banco Santander to purchase, for Finanzas, 10% of the capital stock of Endesa at a price of €32 per Share. In the Stock Purchase Order, Acciona agreed to pay to Banco Santander a fee of 0.8% of the value of the Shares purchased.

             Under the laws of Spain, the CNE is required to approve acquisitions of over 10% of the capital stock of energy providers such as Endesa. The Reporting Persons accordingly could not acquire more than 10% of the capital stock of Endesa prior to obtaining such authorization, and the Reporting Persons sought such authorization on September 26, 2006.

             As previously disclosed, the Reporting Persons entered into a series of 14 Total Return Swaps with Banco Santander in anticipation of acquiring additional Endesa Shares once they received CNE approval. Those Swaps were all terminated on November 10, 2006, in accordance with their terms. The Reporting Persons do not currently have any outstanding Total Return Swaps or other derivative transactions with Banco Santander. Nonetheless, because the District Court found that there was a substantial likelihood that Acciona’s previous disclosures with respect to the Total Return Swaps were

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inaccurate or incomplete in certain respects, Acciona is amending, supplementing, and restating those disclosures as set forth in this Amendment No. 6.

     As Acciona was interested in increasing its ownership in the capital stock of Endesa, following receipt of the pertinent administrative authorizations from the CNE, beyond the 10% ownership interest level, on September 25, 2006, Acciona also formally advised Banco Santander that, pending that authorization, Acciona sought to enter into what was referred to as a “stock price fluctuation risk hedge” with Banco Santander. The purpose of these transactions was to allow Acciona to have the economic benefit (and risk) of future changes in the then-current market prices of the Shares without acquiring an ownership interest that would violate the applicable CNE regulations. Through these transactions, Acciona would effectively hedge itself against future increases in the cost of acquiring capital stock of Endesa it intended to buy if and when it obtained the requested administrative authorization. In exchange, Banco Santander would receive from the Reporting Persons an amount equivalent to interest on an agreed basis on the amount paid by Banco Santander to acquire the underlying Shares as described below. These hedges were subsequently entered into in the form of the Total Return Swaps referred to above and described below in Items 5 and 6.

     These agreements between the Reporting Persons and Banco Santander are reflected in a Stock Purchase Order from Acciona to Banco Santander, dated September 25, 2006, and a letter from Acciona to Banco Santander, also dated September 25, 2006. English translations of these documents are attached hereto as Exhibits 10.7 and 10.8 and incorporated herein by reference.

     As is typical in such arrangements, because Banco Santander became liable to pay to the Reporting Persons upon termination of the Total Return Swaps the amount of any gain on the underlying Shares (and would correspondingly benefit from any decline in the Share price), Banco Santander, as a financial institution, was willing to enter into the Total Return Swaps only at such time as it could and did acquire, as a hedging position, underlying Shares in the equivalent amount as those subject to the Total Return Swaps. In this way, any notional gain it would be required to pay to the Reporting Persons under the Total Return Swaps would be equivalent to the actual gain it enjoyed in respect of its ownership of the underlying Shares, and thus its exposure to changes in market prices for Endesa shares would be perfectly hedged. As a result of its hedging position, Banco Santander would have no economic expo sure to fluctuations in the prices of the underlying Shares. The Reporting Persons’ understood that Banco Santander, as a financial institution, would be unwilling to enter into the Total Return Swaps except to the extent that its exposure to changes in market prices for Endesa shares was perfectly hedged in this manner.

     In light of Banco Santander’s willingness to enter into the Total Return Swaps only at such time as it could and did acquire underlying Shares in the equivalent amount as those subject to the Total Return Swaps in order to provide a hedge for itself, the Reporting Persons and Banco Santander proceeded to establish the contemplated Total Return Swaps in tranches, based on conditions in the market for Endesa Shares. Each tranche consisted of the actual number of Shares already acquired by Banco Santander in the market on any particular day. Thus, during the period beginning on the same day as Finanzas initially acquired Shares, September 25, 2006, and continuing through October 19, 2006, Banco Santander purchased Shares in the market if the price at which the Shares were available for purchase was also agreeable to the Reporting Persons as the trade price under a new Total Return Swap.  On ea ch day in which such purchases occurred, Finanzas entered into a Total Return Swap with Banco Santander relating to such number of Shares. Fourteen Total Return Swaps were thus entered into between the Reporting Persons and Banco Santander during this period, with Banco Santander being perfectly hedged as to each swap entered into by virtue of its having previously acquired ownership of a like number of Shares.

     As additional Total Return Swaps were entered into following September 26, 2006, Acciona promptly filed additional Hechos Relevantes disclosing that it had entered into such arrangements. On September 27, 2006 Acciona filed an Hecho Relevante disclosing that it had entered into additional Total

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Return Swaps relating to an additional 1.318% of Endesa’s capital stock, such that on that date they had entered into Total Return Swaps relating to a total of 5.01% of Endesa’s capital stock, in addition to the 10% previously acquired outright. On October 20, 2006, Acciona filed an Hecho Relevante disclosing that it had entered into Total Return Swaps relating to a total of 9.63% of Endesa’s capital stock, in addition to the 10% previously acquired outright. English translations of these Hechos Relevantes are attached hereto as Exhibits 99.16 and 99.18 and are incorporated herein by reference.

             Banco Santander had no legal obligation to or agreement with the Reporting Persons with respect to the disposition of the Shares acquired by Banco Santander as the hedge it established in entering into the Total Return Swaps. Banco Santander had no obligation to acquire, retain, or sell any of the Shares acquired by it in hedging its exposure under the Total Return Swaps.

             On November 10, 2006, Finanzas terminated the Total Return Swaps in accordance with their terms. Finanzas thus obtained the benefit of the market price increases to such date of the notional amount of Endesa Shares covered by Total Return Swaps. Also on November 10, 2006, 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 Endesa’s capital stock, exactly the notional amount covered by the Total Return Swaps and the number of Shares which had been accumulated by Banco Santander in connection therewith as described above, all of which were also sold by Banco Santander on the same day. In connection with the termination of the Total Return Swaps, the Reporting Persons and Banco Santander discussed the fact that Banco Santander naturally would be disposing of the Shares that Banco Santander had accumulated as a hedge in connection with the Total Return Swaps (as Banco Santander had no desire to maintain a naked long position in the Shares), and that the Reporting Persons would likely have the opportunity at that time to acquire an equivalent number of Shares should the Reporting Persons go into the market and seek to buy such number of Shares, as in fact they did.

Certain Spanish Corporation Law Matters Relevant to the Reporting Persons’ Influence on Endesa

             Due to provisions of Spanish corporate law providing for proportional representation for shareholder nominees on boards of directors, and assuming that Endesa has 13 seats on its Board of Directors (as is currently the case), for every 7.692% of the outstanding Shares held, shareholders are entitled to appoint a director to Endesa’s board of directors when there exists a vacancy on the board, which would be expected to occur no earlier than Endesa’s ordinary shareholders meeting within the first six months of 2007. If they continue to hold a sufficient percentage of the outstanding Shares, the Reporting Persons may choose to avail themselves of these procedures, which would entitle them to nominate and elect two directors at their current holdings in excess of 15.384%, or three directors if their holdings reach 23.076% . (Which in each case would still be a substantial minority of the board of directors.) Outside of the context of appointing directors pursuant to the proportional representation rights referred to above, however, Endesa’s organizational documents provide that no shareholder of Endesa may vote over 10% of the Shares regardless of its level of ownership. Therefore, unless this provision in Endesa’s organizational documents is repealed or amended, the Reporting Persons will be prohibited from voting more than 10% of the outstanding Shares, on any merger, election of directors or otherwise, outside of such context of appointing directors pursuant to proportional representation rights. The Reporting Persons have no present intent to seek to eliminate or amend this provision of Endesa’s organizational documents; they may in the future seek or support elimination or amendment of such limitation, depending on their view of their best interests and othe r factors in light of marketplace, industry and other conditions. Similarly, the Reporting Persons have no present plans or proposals to seek to amend the provisions in Endesa’s organizational documents regulating the composition of and eligibility of persons to serve on Endesa’s board; they may in the future seek or support changes in such provisions depending on their view of their best interests and other factors in light of marketplace, industry and other conditions. The achievement of Acciona’s goal of leading an independent, publicly held, Endesa as its key shareholder, described above, does not depend on the elimination or amendment

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of either of the provisions in Endesa’s organizational documents. Additionally, as described above, the Reporting Persons will have the right to obtain representation on Endesa’s board of directors without any change in either of these provisions.

Possible Acquisition of Additional Shares

             The Reporting Persons are interested in increasing their stake in Endesa by acquiring, and the CNE has approved their acquisition of, additional Shares and/or ADSs, in open market, privately negotiated or other purchases, up to a percentage that does not require the formulation of a mandatory offer under current Spanish law (that is, up to 24.9%) . There is currently legislation pending in Spain that would increase to 30% the level of ownership permitted without the formulation of a mandatory offer. If such legislation comes into effect, the Reporting Persons may seek to acquire additional Shares or ADSs, in open market, privately negotiated or other purchases, up to 30%. Before making any acquisitions of Shares and/or ADSs that would result in the reporting persons holding 25% or more of Endesa’s outstanding capital, however, the Reporting Persons would be required to seek additional approval from the CNE. There can be no assurance as to whether the Reporting Persons would or would not effect any acquisitions of any additional Shares or ADSs, and the Reporting Persons’ attitudes toward any such acquisitions would be subject to the factors described in the following paragraph.

Ongoing Assessment

             Except as otherwise disclosed herein, the Reporting Persons do not currently have any contracts, arrangements, understandings or relationships with any person with respect to the voting or holding of Endesa’s securities or that would be related to or would result in any of the matters described in Items 4(a)-(j) of Schedule 13D. The Reporting Persons may change their plans at any time based on their continuing evaluation of their options with respect to Endesa and the Shares and ADSs and changing circumstances more broadly. Whether the Reporting Persons (a) hold their investments in Endesa; (b) dispose of some or all of the ADSs or Shares held by the Reporting Persons or acquire additional ADSs or Shares from third parties (by means of open market, privately negotiated or othe r transactions, for cash or for other consideration); (c) seek to acquire or influence control of Endesa; (d) seek to enter into business relations or transactions with Endesa; (e) engage in short selling of, swap agreements with respect to or any hedging or similar transaction with respect to the Shares or ADSs; (f) enter into contracts, arrangements, understandings or relationships with other investors in and potential purchasers of Endesa; or (g) take any other action similar or in addition to those listed above or as further described below in this Item, and the amount and timing of any such matters, will depend upon the Reporting Persons’ continuing assessment of pertinent factors, including Endesa’s and the Reporting Persons’ respective businesses and prospects, other business investment opportunities available to the Reporting Persons, economic conditions, stock market conditions, the attitudes and actions of the board of directors and management of Endesa and of other investors in and potential investors in and purchasers of Endesa, the availability of Shares or ADSs for purchase at particular price levels, and the availability and nature of opportunities to dispose of the Reporting Persons’ interest in Endesa. In this connection, the Reporting Persons have had discussions with Endesa, with Endesa’s present or potential shareholders, and with E.ON regarding E.ON’s proposed tender offer and Endesa and may continue to discuss this and other matters with such persons.

Litigation in the United States

             On October 12, 2006, E.ON commenced a lawsuit against the Reporting Persons by filing a complaint in the U.S. District Court for the Southern District of New York alleging that Acciona’s Original Schedule 13D was materially false and misleading. E.ON’s complaint is attached as Exhibit 99.1 hereto and incorporated herein by reference. On October 13, 2006, plaintiffs also filed a motion for a preliminary injunction as well as a motion for expedited scheduling and discovery.

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             On October 19, 2006, Acciona filed Amendment No. 1 to the Schedule 13D, and on October 20, 2006, it moved to dismiss E.ON’s complaint. Acciona argued that E.ON, as a tender offeror, lacked standing to sue under Section 13(d) of the Act, that Acciona’s amendment of the Schedule 13D mooted any issues with respect to the Original 13D, and that the amended complaint failed to plead fraud with particularity.

             In accordance with the Court’s scheduling order, on November 3, 2006, E.ON filed an amended complaint on November 3, 2006 (in which a wholly owned subsidiary of E.ON AG, BKB AG, was added as a plaintiff), and renewed applications for preliminary injunctive relief and expedited discovery. The amended complaint is attached as Exhibit 99.4 hereto and incorporated herein by reference.

             The amended complaint alleges that the Original Schedule 13D, as well as the Schedule 13D as previously amended, is materially false and misleading. The amended complaint seeks relief in the form of (1) a declaration that the Reporting Persons’ prior Schedule 13D filings violate Section 13(d) of the Act; (2) an order requiring that the Reporting Persons and their officers, agents, servants, employees and attorneys, and those persons in active concert or participation with them: (a) correct by public means the material omissions, including by filing with the SEC and sending to Endesa complete and accurate disclosures required by Section 13(d) of the Act; (b) be enjoined from purchasing or making any arrangement to purchase, including a connection with the settlement of the Tota l Return Swaps, any Shares; (c) be required within three business days of the Court’s order to exercise the early termination provisions of the Total Return Swaps and to settle those Total Return Swaps in cash; (d) be required within three business days of the Court’s order to divest themselves of any securities of Endesa acquired on or after October 5, 2006; (e) be required to vote its Shares in proportion to the votes cast by the remaining shareholders of Endesa; (f) be enjoined from making any additional material misstatements or omissions in connection with securities of Endesa; and (3) granting such other and further relief as the Court may deem just and proper.

             On November 10, 2006, Acciona filed a brief contending that the amended complaint should be dismissed (the motion to dismiss the first complaint was deemed by the Court to apply to the amended complaint) and a brief in opposition to E.ON’s motion for a preliminary injunction. Acciona argued, inter alia, that the Court lacked subject matter jurisdiction over this dispute.

             On November 16, 2006, at a status conference, the Court denied Acciona’s motion to dismiss, ordered expedited discovery, and set a hearing on E.ON’s motion for preliminary injunction for December 20, 2006.

             On November 17, 2006, with Acciona’s consent to amend, E.ON filed a supplemental and amended complaint adding a new claim that Acciona, acting through Banco Santander, committed an illegal “tender offer” in violation of Section 14 of the Exchange Act when it purchased 10% of Endesa’s capital stock and Banco Santander purchased an additional 3.692% of Endesa’s capital stock, in connection with entering into Total Return Swaps relating to the same percentage of Endesa’s capital stock. The supplemental and amended complaint added no new allegations with respect to the Section 13(d) claims. On the Section 14 claim, E.ON seeks relief in the form of an order requiring the Reporting Persons to offer withdrawal rights (through an offer of rescission) to all pe rsons who sold shares in the alleged “tender offer”. Acciona believes that the Section 14 claim is without merit, and it will be filing a motion to dismiss this claim on December 11, 2006. The supplemental and amended complaint is attached hereto as Exhibit 99.21 and incorporated herein by reference.

             On November 20, 2006, the Court issued a written opinion denying Acciona’s motion to dismiss E.ON’s claim under Section 13(d) of the Act and reserving decision on E.ON’s motion for preliminary injunction. The Court held that it possesses subject-matter jurisdiction over the Section 13(d) claim, that E.ON, as a tender offeror, has a right of action to seek injunctive relief under Section 13(d) of the Act, and that E.ON’s complaint otherwise stated a claim upon which relief could be granted. On E.ON’S

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motion for preliminary injunction on its claims under Section 13(d), the Court, while reserving decision, found a substantial likelihood that the reporting persons had failed to adequately disclose in the Original Schedule 13D the Reporting Persons’ agreements with Banco Santander, and their plans with respect to the purchases of Shares, including Acciona’s purpose in making its investment, its intentions regarding E.ON’s tender offer, and its desire to join Endesa’s board of directors and to change Endesa’s by-laws on shareholder voting. The Court also found that E.ON has demonstrated a likelihood of proving that defects on the same subjects were present in Amendment No. 1 to the Original Schedule 13D. The Court’s decision further stated that it was unnecessary to address the extent to which any misstatement or omissions would be material to Endesa shareholders deciding whether to tender their share s, given that the parties were to engage in discovery and there was the possibility of Acciona filing further amendments to the Schedule 13D before December 11, when the parties’ further submissions on E.ON’s motion for preliminary injunction are due to be filed with the Court. The opinion and order of the Court is attached as Exhibit 99.8 hereto and incorporated herein by reference.

             As set forth above, a hearing on E.ON’s motion for a preliminary injunction is scheduled for December 20, 2006, and the parties are currently proceeding with expedited discovery in connection with that hearing.

             The Reporting Persons intend to contest E.ON’s claims vigorously. The Reporting Persons believe that E.ON’s application for a preliminary injunction is without merit.

Miscellaneous

             This Amendment No. 6 contains forward looking statements regarding, among other things, the Reporting Persons’s expectations of the future operations and results of Endesa. There is no assurance that such forward looking statements will be realized. Other than as required by applicable law, the Reporting Persons undertake no obligation to update such forward looking statements.

             The information set forth in Items 5 and 6 below is hereby incorporated in this Item 4 by reference.

  Item 5. Interest in Securities of the Issuer.

             On September 25, 2006, Finanzas purchased, through Banco Santander as broker, pursuant to the Stock Purchase Order described above in Item 4, using the services of a number of other financial institutions, including Bear Stearns, 105,875,211 Shares, constituting 10% of the outstanding Shares, for €32.00 per Share, or €3.388 billion in the aggregate.

             In addition, as noted above in Item 4, beginning on the same day as Finanzas acquired these Shares, September 25, 2006, and continuing through October 19, 2006, Finanzas entered into the Total Return Swaps with Banco Santander, relating to a total of 101,983,965 Shares of Endesa, representing 9.63% of Endesa’s capital stock. These arrangements are described in detail below in Item 6 and discussed above in Item 4. The Total Return Swaps neither gave Finanzas or Acciona the right to acquire, dispose of or vote, nor required Banco Santander to hold, any Shares or ADSs. Contemporaneously with entering into the Total Return Swaps with Finanzas, Banco Santander acquired Shares representing the number of Shares covered by the Total Return Swaps. The Reporting Persons disclaim having had any beneficial ownership of the Shares and/or ADSs that were held by Banco Santander or as result of the Total Return Swaps or otherwise.

             As discussed above in Item 4, following receipt of approval from the CNE, the Reporting Persons expected to have the opportunity to purchase a number of Shares equivalent to the number of Shares and ADSs, if any, that Banco Santander had accumulated as a hedge in connection with the Total Return Swaps.

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             On November 3, 2006, 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 Endesa. The CNE has publicly announced its determination on its website at http://www.cne.es/cne/doc/prensa/cne_consejo_03112006.pdf. An English translation of that approval, which is subject to certain conditions enumerated therein, is attached as Exhibit 99.3 hereto and incorporated herein by reference. Acciona filed an Hecho Relevante on November 6, 2006 as to this development, and an English translation of it is attached hereto as Exhibit 99.20 and incorporated herein by reference.

             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 Endesa’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 equal to (i) the amount Finanzas was entitled to receive from Banco Santander in accordance with the terms of the Total Return Swaps, computed with reference to the weighted-average market value 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, minus (ii) the amount Finanzas was obligated to pay to Banco San tander in accordance with the terms of the Total Return Swaps, plus interest earned at one-month EURIBOR plus 25 basis points on the amounts payable by Finanzas.

             On November 10, 2006, after being informed of Finanzas’ intention to exercise its early termination rights under the Total Return Swaps, Banco Santander publicly filed an Hecho Relevante with the CNMV disclosing its intention to dispose of the Shares it held as a hedge with respect to the Total Return Swaps. Accordingly, that same day Banco Santander sold the Shares it held as a hedge with respect to the Total Return Swaps through a series of sale orders through the automated trading system of the Spanish Stock Exchanges.

             Also on November 10, 2006, having exercised 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 Endesa’s capital stock.

             Through the Spanish stock market’s automated trading system, Banco Santander’s sale orders were matched by purchase orders from Finanzas and from other entities. and Finanzas’ purchase orders were matched by sale orders from Banco Santander and from other selling holders of Shares. As a result, Finanzas acquired a number of Shares equivalent to the number of Shares sold by Banco Santander (that is, the number of shares for which Finanzas had contracted for protection from price increases through the Total Return Swaps).

             The average price at which Finanzas’s purchases of Shares were made 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 

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11,700,000    €35.60 
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, had at that time acquired an aggregate of 207,859,176 Shares which constituted 19.63% of the outstanding Shares.

             Acciona both filed with the CNMV an Hecho Relevante, or current report, and issued a press release reporting these purchases 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, are incorporated herein by reference, and are available as noted above on the website of the CNMV at http://www.cnmv.es/english/index_e.htm.

             On November 15, 17 and 20, 2006, Finanzas acquired, in the Spanish stock market, through that market’s automated trading system, in different transactions at various prices, a total of 3,891,248 Shares, representing 0.37% of Endesa’s capital stock. The average price at which these transactions were entered into is approximately €35.933 per Share (and the total expended for such acquisitions, €139,825,272.70) . The various prices at which such Shares were acquired on November 15, 17 and 20, 2006, and the number of Shares acquired at each such price, are set forth in the following table:

    Number of    Price per    
Date    Shares      Share   
 
11/15/2006    310       €35.93 
11/15/2006    10,000       €35.95 
11/15/2006    8,046       €35.96 
 
11/15/2006    363,027       €35.97 
11/15/2006    279,966       €35.98 
11/15/2006    259,706       €35.99 
11/15/2006    606,934       €36.00 
 
11/17/2006    25,000       €35.95 
 
11/17/2006    25,906       €35.96 
 
11/17/2006    56,939       €35.97 
 
11/17/2006    296,515       €35.98 
 
11/17/2006    34,303       €35.99 
 

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11/17/2006    764,267    €36.00 
 
11/20/2006    1,064    €35.55 
 
11/20/2006    6,117    €35.58 
 
11/20/2006    39,435    €35.60 
 
11/20/2006    38,148    €35.61 
 
11/20/2006    46,846    €35.62 
 
11/20/2006    206,844    €35.63 
11/20/2006    470    €35.64 
 
11/20/2006    6,000    €35.65 
 
11/20/2006    37,000    €35.66 
 
11/20/2006    29,867    €35.67 
 
11/20/2006    29,260    €35.68 
 
11/20/2006    4,506    €35.69 
 
11/20/2006    64,471    €35.70 
 
11/20/2006    15,201    €35.71 
11/20/2006    12,613    €35.72 
 
11/20/2006    4,874    €35.73 
 
11/20/2006    298    €35.74 
 
11/20/2006    10,000    €35.78 
 
11/20/2006    135,000    €35.80 
 
11/20/2006    4,612    €35.82 
 
11/20/2006    775    €35.84 
 
11/20/2006    12,427    €35.88 
 
11/20/2006    1,653    €35.90 
 
11/20/2006    7,544    €35.91 
 
11/20/2006    8,031    €35.92 
 
11/20/2006    30,584    €35.93 
 
11/20/2006    22,433    €35.94 
 
11/20/2006    24,211    €35.95 
 
11/20/2006    5,498    €35.99 
 
11/20/2006    354,547    €36.00 
 

             As a result of these transactions, Finanzas, a wholly owned subsidiary of Acciona, has now acquired an aggregate of 211,750,424 Shares which constitute 20% of the outstanding Shares.

             Acciona filed with the CNMV an Hecho Relevante, or current report, reporting these purchases of additional Shares and related matters. This report, in its original Spanish and English form, is attached as Exhibit 99.7 hereto, incorporated herein by reference, and is available as noted above on the website of the CNMV at http://www.cnmv.es/english/index_e.htm.

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             Acciona, through Finanzas, has the sole power to vote or direct the vote and dispose or direct the disposition of all of the Shares owned by the Reporting Persons. 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.

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

             In addition to the financing arrangements described under Item 3 above (such description being hereby incorporated in this Item 6 by reference), during the period from September 25, 2006 to October 19, 2006, Finanzas and Banco Santander entered into 14 Total Return Swaps relating to a total of 101,983,965 Shares or 9.63% of the outstanding Shares, in contemplation of purchasing additional Shares. All of the Total Return Swaps were terminated on November 10, 2006, in accordance with their terms.

             The purpose of the Total Return Swaps was to allow the Reporting Persons to comply with the ownership limitations under the Spanish energy laws (described above) while protecting themselves from increases in the price of Endesa Shares. As also noted above, from the time the Reporting Persons first began acquiring Shares, they hoped to acquire over 10% of Endesa’s capital stock. To that end, the Reporting Person’s purchased 10% of Endesa’s outstanding capital stock and arranged financing for and entered into Total Return Swaps with respect to an additional 9.63% . The CNE had full knowledge of these arrangements, which were fully disclosed to the CNE and the CNMV.

             Each Total Return Swap was evidenced by a confirmation under a Master Agreement dated as of September 25, 2006. These agreements are attached hereto as Exhibits 10.4 and 10.5 and are incorporated herein by reference. Each Total Return Swap (a) entitled Finanzas to receive from Banco Santander, on the “Closing Date”, the market value as of the “Valuation Date” (December 29, 2006, or such other time as provided pursuant to the terms of the Total Return Swaps) of the number of Shares (“N”) to which such Total Return Swap relates, and (b) obligated Finanzas to pay to Banco Santander on the Closing Date an amount equal to N multiplied by the Trade Price for such Total Return Swap. Additionally, Finanzas agreed to pay to Banco Santander an amount equivalent to interest earned at one-month EURIBOR plus 25 basis points on the amounts payable by Finanzas on the Closing Date, and Finanzas was entitled to receive from Banco Santander any dividends actually paid by Endesa on the shares covered by the Total Return Swaps. The “Closing Date” for the Total Return Swaps was the third business day after the Valuation Date. The agreements provided that the Total Return Swaps would be settled in cash. Acciona guaranteed the performance of Finanzas’ obligations under the Total Return Swaps.

             Finanzas also agreed to pay to Banco Santander a commission in connection with the Total Return Swaps, in an amount equal to 0.9% with respect to the value of the first 5% tranche and 1.0% with respect to the value of the next 5% tranche, pursuant to a letter from Acciona to Banco Santander dated September 25, 2006. An English translation of this letter is attached hereto as Exhibit 10.8 and incorporated herein by reference.

             The date on which each of the Total Return Swaps was entered into, the effective date of each of the Total Returns Swaps, N, the number of shares to which each Total Return Swap relates, the Trade Price for each Total Return Swap, and the amount Finanzas was obligated to pay Banco Santander on the Closing Date for each of the Total Return Swaps is set forth in the table below.

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                Amount Finanzas was 
                obligated to pay Banco 
        Number of Shares to        Santander on the 
        which the Total        Closing Date 
        Return Swap         
Trade Date    Effective Date    Relates (“N”)    Trade Price    (N x Trade Price) 
 
9/25/2006    9/26/2006    39,089,488    €32.00    €1,250,863,616.00 
9/27/2006    9/27/2006    13,953,993    €34.79    €485,459,416.47 
 
10/3/2006    10/3/2006    1,363,592    €33.59    €45,803,055.28 
10/4/2006    10/4/2006    5,536,028    €33.95    €187,948,150.60 
 
10/5/2006    10/5/2006    8,466,349    €33.95    €287,432,548.55 
 
10/6/2006    10/6/2006    1,600,000    €33.90    €54,240,000.00 
10/9/2006    10/9/2006    3,671,735    €33.95    €124,655,403.25 
10/10/2006    10/10/2006    3,430,824    €33.94    €116,442,166.56 
10/11/2006    10/11/2006    2,650,000    €33.93    €89,914,500.00 
 
10/12/2006    10/12/2006    1,830,435    €33.98    €62,198,181.30 
10/13/2006    10/13/2006    8,712,000    €34.18    €297,776,160.00 
10/16/2006    10/16/2006    2,064,786    €34.00    €70,202,724.00 
10/17/2006    10/17/2006    2,114,735    €34.00    €71,900,990.00 
10/19/2006    10/19/2006    7,500,000    €34.50    €258,750,000.00 

             As described above under Item 5, 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 Endesa’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.

             The Total Return Swaps gave neither Finanzas nor Acciona the right to acquire, dispose of or vote, nor required Banco Santander to hold, dispose of or vote, any Shares or ADSs. The Reporting Persons disclaim having had any beneficial ownership of the Shares and/or ADSs that were held by Banco Santander or as result of the Total Return Swaps or otherwise. However, as noted and explained above in Item 4, as is typical in such arrangements in general, Banco Santander and Finanzas entered into the Total Return Swaps only at such time as Banco Santander could and did acquire underlying Shares in the equivalent amount as those subject to the Total Return Swaps. Also as noted and explained above in Item 4, the Reporting Persons expected that they would likely have the opportunity to acqui re a number of Shares equivalent to the number of Shares that Banco Santander had accumulated as a hedge in connection with the Total Return Swaps, as turned out to be the case.

             Other than as described in this Item 6 and in Items 3, 4 and 5 of this Schedule 13D, each of which is hereby incorporated in this Item 6 by reference, neither Acciona nor Finanzas has any contracts,

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arrangements, understandings or relationships with any person with respect to any securities of Endesa, including but not limited to transfer or voting of any of the securities, finder’s fees, joint ventures, loan or option agreements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

  Item 7. Material to be Filed as Exhibits.

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.**
 
10.6      English Translation of Amendment and Extension of Bridge Loan Agreement, dated November 15, 2006, by and among Banco Santander Central Hispano, S.A. Acciona,
  S.A. and Finanzas Dos, S.A.*****
 
10.7      English Translation of Stock Purchase Order from Acciona, S.A. to Banco Santander Central Hispano, S.A., dated September 25, 2006.
 
10.8      English Translation of letter from Acciona, S.A. to Banco Santander Central Hispano,
  S.A., dated September 25, 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 (No. 71725) filed on October 20, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Response to query from the CNMV as to Acciona’s intent as an Endesa shareholder.) (English Translation)**
 
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).***
 
*      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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99.5      Hecho Relevante (No. 72281) filed on November 10, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification of acquisition of an additional 9.63% of the Shares.)****
 
99.6      Press release issued by Acciona, S.A., dated November 10, 2006.****
 
99.7      Hecho Relevante (No. 72898) filed on November 21, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification of acquisition of an additional 0.37% of the Shares.)*****
 
99.8      Opinion and Order rendered by the Honorable Denise Cote, United States District Judge, United States District Court, Southern District of New York, in E.ON AG and E.ON
  Zwölfte Verwaltungs GmbH v. Acciona, S.A. and Finanzas Dos, S.A. (Civil Action No. 06 CV 8720), dated November 20, 2006.*****
 
99.9      Hecho Relevante (No. 71032) filed on September 25, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification of the acquisition of a 10% interest in Endesa.) (English Translation)
 
99.10      Anuncios a la CNMV (No. 71035) released on September 26, 2006 by the Spanish
  Comisión Nacional del Mercado de Valores. (Copy of Announcement by the CNMV in relation to Acciona and Endesa.) (English Translation)
 
99.11      Hecho Relevante (No. 71036) filed on September 26, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Press release relating to the acquisition of a 10% interest in Endesa.) (English Translation)
 
99.12      Hecho Relevante (No. 71037) filed on September 26, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Powerpoint presentation relating to the acquisition of a 10% interest in Endesa.) (English original)
 
99.13      Hecho Relevante (No. 71040) filed on September 26, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Copies of the materials included in Hechos Relevantes Nos. 71032, 71036 and 71037, and additional press release in response to certain media reports.) (The Powerpoint presentation filed as Hecho Relevante No. 71036, which was originally prepared in English, is not refiled as part of this Exhibit, but is filed as Exhibit 99.12.) (English Translation)
 
99.14      Hecho Relevante (No. 71074) filed on September 26, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Additional information relating to Acciona’s investment in Endesa.) (English Translation)
 
99.15      Anuncios a la CNMV (No. 71075) released on September 26, 2006 by the Spanish
  Comisión Nacional del Mercado de Valores. (Copy of Announcement by the CNMV in relation to Acciona.) (English Translation)
 
99.16      Hecho Relevante (No. 71151) filed on September 27, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification in relation to Total Returns Swaps having reach 5.01%.) (English Translation)
 
99.17      Hecho Relevante (No. 71504) filed on October 16, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification of the
 
****      Previously filed with Amendment No. 4 to the Schedule 13D.
*****      Previously filed with Amendment No. 5 to the Schedule 13D.
 

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  commencement of a lawsuit by E.ON in the United States District Court for the Southern District of New York.) (English Translation)
 
99.18      Hecho Relevante (No. 71699) filed on October 20, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification in relation to Total Returns Swaps having reached 9.63%.) (English Translation)
 
99.19      Hecho Relevante (No. 71703) filed on October 20, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Including copies of (a) (in the original Spanish) of the Bridge Credit Contract filed as Exhibit 10.1, the Bridge Credit Commitment filed as Exhibit 10.2, the Commitment Letter and related Term Sheets filed as Exhibit 10.3; (b) (in the original English) the International Swaps and Derivatives Association, Inc. Master Agreement with Confirmations dated September 25 and 27, 2006 and October 3, 4, 5, 6, 9, 10 and 11, 2006 filed as Exhibit 10.4; (c) (in the original English and Spanish translation) Amendment No. 1 to the Schedule 13D; and (d) (in Spa nish translation) the Complaint filed as Exhibit 99.1 (English Translation, without exhibits filed otherwise with this Schedule 13D).
 
99.20      Hecho Relevante (No. 72034) filed on November 6, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification of CNE approval, including official notice of the CNE filed previously as Exhibit 99.3.) (English Translation)
 
99.21      Supplemental and Amended Complaint filed on November 17, 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).
 

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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:    December 4, 2006             
 
        ACCIONA, S.A. 
 
 
        By:               /s/ Jorge Vega-Penichet 
 
            Name:    Jorge Vega-Penichet 
            Title:    Company Secretary 
 
 
        FINANZAS DOS, S.A. 
 
 
        By:             /s/ Vicente Santamaria 
                de Paredes Castillo 
 
            Name:    Vicente Santamaria 
                de Paredes Castillo 
            Title:    Company Secretary 

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Annex 1

The current executive officers and directors of Acciona, S.A. are listed below. The address of Acciona, S.A. is Avenida de Europa, 18 Parque Empresarial La Moraleja, Alcobendas, Madrid, Spain 28108. Unless otherwise indicated, all positions set forth below opposite an individual’s name refer to positions within Acciona, S.A., and, where applicable, the business address listed for each individual not principally employed by Acciona, S.A. is also the address of the corporation or other organization that principally employs that individual.

Name    Citizenship    Present Principal Occupation or Employment 
 
 
José Manuel Entrecanales Domecq    Spain    President of the Board, Managing Director 
 
Juan Ignacio Entrecanales Franco    Spain    Vice President of the Board, Managing Director 
 
Juan Manuel Urgoiti López Ocaña    Spain    Vice President of the Board, President of Banco Gallego 
 
Alejandro Echevarría Busquet    Spain    Director, President of Telecinco 
José María Entrecanales de Azcárate    Spain    Director, former Managing Director 
Juan Entrecanales de Azcárate    Spain    Director, former Managing Director 
 
Carlos Espinosa de los Monteros    Spain    Director, President/Managing Director of Daimler 
          Bernaldo de Quirós                  Chrysler España, S.A. 
 
German Gamazo y Hohenlohe    Spain    Director, Vice President of Bankers Trust in Spain 
 
Lord Tristan Garel-Jones    Spain    Director, Managing Director of UBS 
Valentín Montoya Moya    Spain    Director, Group Chief Financial Officer 
Andrés Esteban Morrás    Spain    Director, Managing Director of Acciona Energy 
 
Belen Villalonga Morenes    Spain    Director, Professor at Harvard Business School 

The current executive officers and directors of Finanzas Dos, S.A. are listed below. The address of Finanzas Dos, S.A. is Avenida de Europa, 18 Parque Empresarial La Moraleja, Alcobendas, Madrid, Spain 28108. All positions set forth below opposite an individual’s name refer to positions within Acciona, S.A.

Name      Citizenship             Present Principal Occupation or Employment 
 
 
Juan Gallardo Cruces    Spain    Director, Controller 
Valentin Montoya Moya    Spain    Director, Group Chief Financial Officer 
Vincente Santamaria de Paredes    Spain    Director, General Counsel 
 

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 EX-10.7 2 finexhib107.txt EXHIBIT 10.7 [TRANSPERFECT LOGO] City of New York, State of New York, County of New York I, Amy DiTrani, hereby certify that the following is, to the best of my knowledge, ability and belief, a true and accurate translation of the document `September 25 Stock Purchase Order' from Spanish into English. /s/Amy DiTrani - ----------------------------------- Amy DiTrani Sworn to before me this 1st day of December, 2006. /s/Paul D. Ralston - ----------------------------------- Signature, Notary Public PAUL D. RALSTON Notary Public, State of New York No. 01RA6023867 Qualified in Queens County Commission Expires May 2, 2007 Stamp, Notary Public THREE PARK AVENUE, 39TH FLOOR, NEW YORK, NY 10016 T 212.689.5555 F 212.689.1059 WWW.TRANSPERFECT.COM [ACCIONA LOGO] BANCO SANTANDER CENTRAL HISPANO S.A. Avenida de Cantabria s/n Ciudad Grupo Santander 28660, Boadilla del Monte Madrid Attn.: Mr. Vasco Duarte Madrid, September 25, 2006 STOCK PURCHASE ORDER Gentlemen, 1. As discussed, we are instructing you, as indicated in this document and if the objectives indicated therein are reached, to purchase shares of ENDESA, S.A., (hereinafter "ENDESA"), in a number equivalent to 10% of its capital at a price of 32 euro per share, for our subsidiary FINANZAS DOS S.A., (hereinafter "FINANZAS"), by the procedure ("book building") that you have identified as appropriate. 2. In order to identify the ENDESA shares available for purchase at the indicated price, you will carry out the "book building" procedure by contacting entities that, according to your knowledge of the market, may hold significant packages of said shares, and will ask them to make selling bids indicating the number of shares they want to sell at the price indicated. In the process of identifying possible sellers, you may act through brokers, provided they are subject to the same rules (especially concerning confidentiality) set forth herein for the performance of the "book building" and paying their possible costs yourselves. In addition, the "book building" procedure will comply with the following rules: a. It will take place between 5:40 today and 8:30 on September 26 at the latest. However, by agreement between you and us the term may be extended, but not beyond 12:00 on the 26th. b. The communication with the possible sellers to request selling bids will be based on the messages presented in annex 1 to this letter, without transmitting substantial information other than that indicated therein. In particular, you will not reveal, under any circumstances, the fact that you act by mandate of ACCIONA S.A. or any directly or indirectly identifying data, beyond those indicated in annex 1. c. Orders will no longer be received when: (i) The term indicated for this activity, including its extension, if any, has lapsed; or (ii) We so request when, in our opinion, certain circumstances occur that indicate that it is impossible to reach said volume or endanger the [initials] [ACCIONA LOGO] adequate completion of the operation mandated, including serious risk that the principal's identity would be revealed or may become known to the market before the successful completion of the operation. 3. Once the "book building" process is successfully completed, the orders accepted will give rise to the execution of the corresponding operations between FINANZAS and the sellers, the same day, with brokerage of the purchase by Santander Investment Bolsa Sociedad de Valores S.A., for subsequent liquidation through the usual procedures. 4. If the "book building" is not successfully completed - due to the fact the volume required is not reached at the intended price, or due to any circumstance that makes us stop it, or for any other reason - this order will be null and void. 5. If the operation is successfully completed with the performance of the services indicated in this mandate letter, you will be paid the fee indicated in annex 2, which will be paid in the manner indicated therein. 6. The shares purchased by FINANZAS will be deposited in the securities account we intend to open with you under conditions not yet agreed, and will be subject to the commitments and rights set forth in the loan contract already agreed upon, which we intend to sign tomorrow. 7. We mention for the record that the acquisition of the shares does not imply any violation of the law whatsoever. Furthermore, we indicate that the acquisition referred to in this letter is made by FINANZAS directly without any agreement, pact or understanding, verbal or written, express or implicit, with any third party not belonging to the ACCIONA group in connection with said acquisition or with the ongoing takeover bid on ENDESA shares. 8. If selling bids are received in the "book building" process for a volume higher than 10%, you will inform us of this circumstance. 9. The essential element of this mandate is that, except if required by law, the name of the principal and of the group to which it belongs will remain confidential until the operation is successfully completed and even after the termination of the mandate, if the planned acquisition does not take place. Until the operation is announced to the market, if it is completed, by the corresponding relevant fact, or should it not be successfully completed, you may reveal said identity only when required by applicable legislation and even in this case you must warn us in advance of the need to do so, provided such legislation allows it. [ACCIONA LOGO] 10. This mandate letter is governed by Spanish common law. In the event of discrepancies or disagreement concerning its provisions, the parties submit to the Jurisdiction of the Judges and Courts of Madrid. Sincerely, ACCIONA, S.A. For /s/ Jose Manuel Entrecanales Domecq. Mr. Jose Manuel Entrecanales Domecq. [initials] [ACCIONA LOGO] ANNEX I - - The operation consists of the building of a book ("book building") of selling bids on ENDESA shares for 10% of its capital. - - The buyer is a first rate Spanish company in the industrial sector. It does not have agreements to buy shares with any of the parties involved in the Takeover Bid. It does not intend to carry out a Takeover Bid, but to take a strategic position. - - Price: 32 euro/share. - - Bid presentation period: from 5:40 on the 25th to 8:30 on the 26th, except in the event of extension or early termination. - - The bids may not be conditioned upon anything but the price and the sale of the total number of shares included in it. - - Once the book is closed, it will be determined whether the objective has been met (10% at 32 euro/share) and, if so, the operation will be confirmed to the bidders for its execution. - - The client reserves the right to terminate the process in the event of risk of disclosure of its identity before the closing of the operation. [initials] ANNEX II. - SUCCESS FEE 0.8% of the amount of the purchase of 10% of the capital of Endesa, accrued only in the event of success. This fee will be accrued after settling the expenses of the operation and after the presentation of the respective invoice. If said 10% is not reached, no fee will be accrued. [initials] EX-10.8 3 finexhib108.txt EXHIBIT 10.8 [TRANSPERFECT LOGO] City of New York, State of New York, County of New York I, Amy DiTrani, hereby certify that the following is, to the best of my knowledge, ability and belief, a true and accurate translation of the document `September 25 Letter to Banco Santander Central Hispano S.A.' from Spanish into English. /s/ Amy DiTrani - ------------------------------------ Amy DiTrani Sworn to before me this 1st day of December, 2006. /s/ Paul D. Ralston - ------------------------------------ Signature, Notary Public PAUL D. RALSTON Notary Public, State of New York No. 01RA6023867 Qualified in Queens County Commission Expires May 2, 2007 - ----------------------------------- Stamp, Notary Public THREE PARK AVENUE, 39TH FLOOR, NEW YORK, NY 10016 T 212.689.5555 F 212.689.1059 WWW.TRANSPERFECT.COM [ACCIONA LOGO] Banco Santander Central Hispano S.A. Avenida de Cantabria S/N Ciudad Financiera Santander 28660, Boadilla del Monte Madrid Attn.: Mr. Vasco Duarte Madrid, September 25, 2006 Gentlemen: We are referring to our conversations in which we indicated our interest in taking a holding of up to 20% of the capital stock of ENDESA, S.A., which led to the mandate we granted you to proceed to identify and, if applicable, acquire shares equivalent to 10% of the capital of said company through a "book building." After acquiring said 10%, as the case may be, we would continue being interested in increasing our holding after we obtain the pertinent administrative authorizations, so that we would then want to contract with you coverage for the risk of fluctuation of the price of the shares throughout the term necessary to obtain such authorizations. Thus, if the "book building" is completed successfully, we will contact you to initiate said coverage immediately upon the first purchase - for a maximum price of 32 euros per share (except in the case of new agreement between us) - whose documentation would be that appearing as annex to this letter. Notwithstanding the above, the coverage may be instituted, according to market possibilities, in tranches, signing for each of them an additional confirmation under the framework agreement. The general economic conditions of the coverage will be those indicated in the documentation enclosed. In addition to the provisions thereof, the institution of said coverage will give rise to the fees detailed, for each of said tranches, in the annex of this document, which also indicates the terms under which they will be paid to you. Sincerely, Acciona, S.A. For /s/ Jose Manuel Entrecanales Domecq. Mr. Jose Manuel Entrecanales Domecq. ANNEX. - Success fee --------------------------------------------------- Capital Stock Tranches Fee (above the 10% already purchased) --------------------------------------------------- Up to 5% 0.9% Over 5% and up to 10% 1.0% --------------------------------------------------- These fees will be accrued after settling the expenses of the operation and after the presentation of the corresponding invoice. They will apply to the percentage of shares purchased above the initial 10%, provided said percentage is obtained during 20 consecutive trading sessions from today's date. [initials] EX-99.9 4 exhibit999.txt EXHIBIT 99.9 Bowne Translation Services 55 Water Street New York, NY 10041 212/924-5500 Fax: 212/658-5090 ----------------------------------- [BOWNE LOGO] CERTIFICATE OF ACCURACY This is to certify that the translation described below is, to the best of our knowledge and belief, a true and accurate rendition of the original document. Job Number: 96282 ----- Job Name: WACHTELL, LIPTON, ROSEN & KATZ ------------------------------ Job Description: HR 71032 SEPT 25 2006 --------------------- Language from: SPANISH into: ENGLISH ------- ------- Date: NOVEMBER 27, 2006 /S/ PAUL M. MARTINEZ ------------------------------------------------------------------------ Paul M. Martinez Project Manager - ------------------------------------------------------------------------------- STATE OF NEW YORK, COUNTY OF KINGS Subscribed and sworn to before me this date of November 27, 2006 /s/ Robert J. Mazza NOTARY PUBLIC ROBERT J. MAZZA Notary Public, State of New York No. 02MA5057911 Qualified in Kings County Commission Expires April 1, 2010 A Member of the International Family of Bowne Companies ACCIONA Madrid, September 25, 2005 Gentlemen: In compliance with the provisions of Article82 of Law 24/1998, of July 28, of the Stock Exchange, ACCIONA, S.A. reports the following: RELEVANT INFORMATION: ACCIONA, S.A. has acquired shares of ENDESA, S.A. representing 10% of the capital stock of that company. ACCIONA, S.A. does not discount the possible increase of its participation up to a percentage that does not require the formulation of an offer to purchase and permits it to take part in the management of ENDESA, S.A., once it obtains the authorization therefore from the Comision Nacional de la Energia [National Energy Commission]. This transaction has been financed by the Banco Santander. This is made known to you for relevant purposes. Sincerely yours, ACCIONA, S.A. By authority - ----------------------------------------------------- Valentin Montoya Moya Member of the Board of Directors-General Economic and Financial Director EX-99.10 5 exhibit9910.txt EXHIBIT 99.10 Bowne Translation Services 55 Water Street New York, NY 10041 212/924-5500 Fax: 212/658-5090 ----------------------------------- [BOWNE LOGO] CERTIFICATE OF ACCURACY This is to certify that the translation described below is, to the best of our knowledge and belief, a true and accurate rendition of the original document. Job Number: 96282 ----- Job Name: WACHTELL, LIPTON, ROSEN & KATZ ------------------------------ Job Description: HR 71035 SEPT 26 2006 --------------------- Language from: SPANISH into: ENGLISH ------- ------- Date: NOVEMBER 27, 2006 /S/ PAUL M. MARTINEZ ------------------------------------------------------------------------ Paul M. Martinez Project Manager - ------------------------------------------------------------------------------- STATE OF NEW YORK, COUNTY OF KINGS Subscribed and sworn to before me this date of November 27, 2006 /s/ Robert J. Mazza NOTARY PUBLIC ROBERT J. MAZZA Notary Public, State of New York No. 02MA5057911 Qualified in Kings County Commission Expires April 1, 2010 A Member of the International Family of Bowne Companies [CNMV LOGO] Comision Nacional del Mercado de Valores The General Management of Markets and Investors raises the following motivated proposal of suspension of the negotiation, to the President of the Comision Nacional del Mercado de Valores, who in virtue of the delegation of faculties granted by the Council of the National Commission dated June 29, 2006 agrees to "Suspend, in a precautionary way, effective immediately, and under the provisions of Article 33 of Act 24/1988, of July 28, of the Stock Exchange, the negotiation in the Stock Exchange Interconnection System of the shares or other holdings that give right to their subscription or acquisition, of the entity ACCIONA, S.A. while relevant information is broadcasted relative to the acquisition of a significant participation of shares of the entity ENDESA, S.A.." September 26, 2006 - Madrid The Director The President Antonio Mas Sirvent Manuel Conthe Gutierrez EX-99.11 6 exhibit9911.txt EXHIBIT 99.11 Bowne Translation Services 55 Water Street New York, NY 10041 212/924-5500 Fax: 212/658-5090 ----------------------------------- [BOWNE LOGO] CERTIFICATE OF ACCURACY This is to certify that the translation described below is, to the best of our knowledge and belief, a true and accurate rendition of the original document. Job Number: 96282 ----- Job Name: WACHTELL, LIPTON, ROSEN & KATZ ------------------------------ Job Description: HR 71036 SEPT 26 2006 (EDITING) ------------------------------- Language from: SPANISH into: ENGLISH ------- ------- Date: NOVEMBER 27, 2006 /S/ PAUL M. MARTINEZ ------------------------------------------------------------------------ Paul M. Martinez Project Manager - ------------------------------------------------------------------------------- STATE OF NEW YORK, COUNTY OF KINGS Subscribed and sworn to before me this date of November 27, 2006 /s/ Robert J. Mazza NOTARY PUBLIC ROBERT J. MAZZA Notary Public, State of New York No. 02MA5057911 Qualified in Kings County Commission Expires April 1, 2010 A Member of the International Family of Bowne Companies Acciona [address] Madrid, 25 September 2006 Dear Sirs, Please find herewith the press release we are going to send to the media today. Sincerely, ACCIONA, S.A. Signed: Valentin Montoya Moya General Director of Finance The transaction closed at a price of 32 euros per share ACCIONA ACQUIRES 10 PERCENT OF ENDESA o Company does not discount the possible increase of its participation up to a percentage not requiring the formulation of an offer to purchase o Transaction amounts to 3,388 million euros Madrid, September 25, 2006 - Acciona has acquired. in a market transaction, 10 percent of the capital stock of Endesa at a price of 32 euros per share. The acquisition financed by the Banco Santander has already been reported to the CNMV [Comision Nacional del Mercado de Valores]. Acciona does not discount the possible increase of its participation up to a percentage not requiring the formulation of an offer to purchase once the Comision Nacional de la Energia [National Energy Commission] grants its authorization for the purchase of a greater percentage. The purchase of the 105,875,211 shares has involved a disbursement of more than 3,388 million euros, which represents an implicit PER for 2006 of 11.5. The purchase of this block of Endesa shares fits within the growth strategy of Acciona in the energy sector and strengthens its industrial plan for transition toward a more sustainable energy model. The 2005-2009 Business Plan of Endesa contemplates annual growth of its net profit exceeding 12 percent and an investment exceeding 14,000 million euros. In addition, Endesa will designate more that 7,000 million euros for payment of dividends in the period, as well as 100 percent of the surpluses obtained from the sales of assets. Endesa is the leading electrical company in the Spanish market and in Latin America and the third in the French and Italian market. It has an efficient and diversified power mix and strong generation of recurrent cash flow. The Spanish electrical sector has one of the greatest potentials for growth in its scope both in demand and in rising rates. Acciona Energia is present in the sector of renewable energy with a total installed capacity as of June 2006 exceeding 2,800 Megawatts. The Business Plan of Endesa contemplates achieving 3,000 Megawatts of renewable energy capacity in 2009. Acciona is one of the principal Spanish corporations with activities in some twenty countries on the five continents in the areas of transportation, renewable energy, hydraulic resources, urban and environmental services, construction, promotion of housing and management of hospitals, among other things. In the first half of 2006, Acciona achieved sales of 2,873 million euros (37.3% increase), EBITDA of 458 million euros (52.1% increase) and a net result of 188 million euros (38% increase). In addition, the investments amounted to 1,555 million euros, a 218% increase in relation to the preceding fiscal year. ACCIONA is listed on the selective stock exchange index of the IBEX-35 (ANA.MC) with capitalization exceeding 7,200 million euros. EX-99.12 7 exhib9912.htm EXHIBIT 99.12

Acquisition of 10% stake in Endesa, S.A.

September 26, 2006

 

Disclaimer

This presentation contains statements that constitute forward looking statements in its general
meaning and within the meaning of Spanish Applicable Law regarding securities markets.  These
statements appear in a number of places in this document and include statements regarding the
intent, belief or current expectations, estimates regarding future growth in the energy industry and the
global business, market share, financial results and other aspects of the activity and situation relating
to ACCIONA, S.A. (“ACCIONA”) and Endesa, S.A. (“Endesa”).  The forward-looking statements in this
document can be identified, in some instances, by the use of words such as “expects”, “anticipates”,
“intends”, and similar language or the negative thereof or by forward-looking nature of discussions of
strategy, plans or intentions.

Such forward looking statements are not guarantees of future performance and involve risks and
uncertainties and actual results may differ materially from those in the forward looking statements as a
result of various factors.

Analysts and investors are cautioned not to place undue reliance on those forward looking statements
which speak only as of the date of this presentation.  ACCIONA undertakes no obligation to release
publicly the results of any revisions to these forward looking statements which may be made to reflect
events and circumstances after the date of this presentation, including, without limitation, change in
ACCIONA’s business or acquisition strategy to reflect the occurrence of unanticipated events.  
Shareholders, analysts and investors are encouraged to consult ACCIONA’s Annual Accounts as well as
periodic filings filed with the Spanish Market Regulator.

This presentation does not constitute an offer to sell or the solicitation of an offer to subscribe for or
buy any security, nor is it a solicitation of any vote or approval in any jurisdiction, nor shall there be
any sale, issuance or transfer of the securities referred to in this announcement in any jurisdiction in
contravention of applicable law.

This release, publication or distribution of this presentation in certain jurisdictions may be restricted by
law and therefore persons in any such jurisdiction into which this presentation is released, published or
distributed should inform themselves about and observe such restrictions.

 

Table of contents

4.   Acciona´s value creation track record

1.   Key Transaction Terms

3.   Financial Impact

5.   Conclusions

2.   Transaction Rationale

 

Key Transaction Terms

Market acquisition of 10% stake in Endesa at €32 per share,
representing a total investment of €3,388 million

Acciona to become one of the reference shareholders of Endesa

Acquisition cost of €3,388 million financed through a bridge facility to
be refinanced on a non recourse structure:

Non recourse debt        80%

Equity                                 20%

In addition Acciona has committed up to €435 million, as additional
contingent equity, in order to secure the long term financing                           

Cost of debt after tax 3.15%

 

Transaction Rationale

Attractive growth prospects for global power sector

Strong fundamentals for Spanish electricity demand and tariff increases

Endesa: a global leader

Business Plan 2005-2009: strong recurrent growth with upside potential

Strong commitment to value creation and shareholder return- proven
track record

Acciona: a global leader in renewable energies

Strategic acquisition, strong commitment with energy sector

 

Attractive Growth Prospects

World primary energy demand is projected to expand by 60% by 2030

Global power sector will need 4,800 GW of new capacity by 2030
representing investments above $9.0 trillion

History

Projections

World Primary Energy Demand (Mtoe)

Generation Capacity (GW) 2003-2030

Source: IEA World Energy Outlook 2004

 

Spanish Power Sector Fundamentals

Spain is the 5th largest power market in Europe

Electricity demand CAGR 4% forecast for 2006 - 2010

Spanish electricity market demand  (TWh)

Source: Santander Investment Bolsa estimates

To eliminate tariff deficit electricity prices should increase 3% - 6%
CAGR in 2006 -2010

Full tariff liberalisation by 2011

 

Endesa is a global leader in the electricity sector:

#1 in Spanish

#3 in Italian

#3 in French

#1 in Latam

46GW of total installed capacity

185,264 GWh produced

23 million of costumers

Endesa Company Overview

Endesa holds a privileged position in the Spanish utility market:

38% share in electricity generation

43% share in distribution

41% share in sales to end customers

Most competitive and efficient generation portfolio in the sector

Diversified generation mix

Positive cash flow generation in all businesses

Strong commitment to value creation and shareholder return

Business Plan 2005-2009: strong recurrent growth with upside potential

 

Global Leader

EV(€ billion)

Global installed capacity (GW)

 

Global Leader

Geographic presence

EBITDA 2005

 

Endesa Company Overview

Iberia Electricity

Generation (Capacity)

Hydro                                    5,379 MW

Conventional fossil-fuel  12,632 MW

Nuclear                                 3,397 MW

Renewables & Co-gen      1,007 MW

Total                                  22,416 MW

Production                    100,868 GWh

Energy distr.                 101,258 GWh

Total Customers                        12 mn

Iberia                                                    2005     

Revenues                                  €8,761 million

EBITDA                               €3,266 million

Spain Gas

Commercialization

12% market share

18,558 GWh sold

Supply

6 bcm supply contracts

Shares in new re-gasification terminals (10bcm)

Other Business

Bolonia Real Estate

 

Endesa Company Overview

Italy

Inst. Capacity    6,590 MW

Production      23,362 GWh

Energy dist.    30,911 GWh

France

Inst. Capacity     2,477 MW

Production        8,689 GWh

Energy dist.    16,310 GWh

Poland

Inst. Capacity       330 MW

Energy dist.      1,698 GWh

Morocco

Inst. Capacity       400MW

Turkey

Inst. Capacity        120 MW

Europe

Europe                                                 2005     

Revenues                €3,598 million

EBITDA                           €887 million

 

Endesa Company Overview

Chile

Inst. Capacity    4,477 MW

Customers             1.4 mn

Argentina

Inst. Capacity     4,493 MW

Customers              2.2 mn

Brazil

Inst. Capacity      1,039 MW

Customers               4.6 mn

Colombia

Inst. Capacity       2,657 MW

Customers                2.1 mn

Peru

Inst. Capacity      1,429 MW

Customers               0.9 mn

Latin America

Latam                                             2005     

Revenues           €5,149 million

EBITDA                  €1,878 million

 

Business Plan 2005 - 2009

Key financial targets:

EBITDA: CAGR 10-11%

Net Income: CAGR 12%

Dividend policy:

Ordinary 12% CAGR

100% of capital gains from disposals

Gearing: < 1,4x

Investment Plan of €14,600 million:

Spain and Portugal €10,300 million

Latin America €2,500 million

Europe €1,800 million

Increase in generation capacity:

Spain and Portugal: 6,250 MWs (+28%)

Latin America 589 MWs (+4%)

Europe 1,755 MWs (+18%)

Source: Endesa 1H 2006 results managament presentation

2005 Annual Report

 

Business Plan 2005 - 2009

EBITDA (€m)

*Excludes capital gains from asset sales: €1,341 M in 2005, €480 M in 2006, €120 M in 2009

2006T-2009T: Endesa managament targets

Net Income (€m)*

 

New Financial Targets

EBITDA (€m)

Net Income

Dividend payment 06 -09*

*Total dividends 2005-2009: €9,900 m; 2005 dividend paid: €2,541 million

2006T-2009T: Endesa managment targets

 

Business Plan 2005 - 2009

Key financial targets to be achieved through:

Increased activity:

Generation (+19%)

Distribution

Supply

Increased margins

Improved operating efficiency

Contribution margin

Cost improvement

Regulatory improvement

 

Business Plan 2005 - 2009

Latin America

Europe

Iberia

EBITDA (€m)

+8% CAGR

+9% CAGR

+11% CAGR

+6% CAGR

Source: Endesa 1H 2006 results managment presentation

2005 Annual Report

2006T-2009T: Endesa managament targets

 

Strong Commitment to Value Creation

EBITDA CAGR 10-11%

Net income CAGR 12%

Ordinary dividend growth

Conservative gearing ratio < 1.4x

Management team highly aligned with share price performance

+ €7,000 million

 

Business Plan 2005 - 2009

Endesa Growth in renewables

Endesa Spanish Renewables Plan (MW)

462 MW under construction

1,365 MW with concluded administrative proceedings

2,688 MW under administrative proceedings

 

Acciona Energía

EBITDA

94.9%

317

122

67.5%

P&L (€ m)

  (%)

2004

2005

238

531

EBT

49

139

183.1%

Margin

Margin

38.5%

44.8%

15.5%

26.2%

Sales

2005 Wind Market Share

2,846

Total Energy

210

Total Other Energies

115

Cogeneration

3

Solar

33

Biomass

59

Mini-hydro

2,636

Total Wind Power

415

International Wind Power

2,221

Spanish Wind Power

(Total Installed MW)

30 June 2006

Acciona Wind development plan

 

Transaction Rationale: Strategic Investment

Global Energy market with very attractive growth prospects

Acciona is a world leader in renewable energy

Attractive fundamentals of Spanish electricity market:

Demand growth rates

Significant tariff increases

Full liberalisation by 2011

Strong growth in renewables

Increase of remuneration to distribution

A key shareholder of Endesa

The transaction is consistent with Acciona´s growth in the sector

The acquisition strengthens our industrial project for the transition to a
sustainable energy model

 

Financial Analysis

10 %

% acquired

€ 3,388

Total investment

3.15 %

After tax cost LT debt

4.85 %

Average cost of LT debt

€ 32

Price per share

105.9 million

N° of shares

Implied multiples*

EV/EBITDA

Yearly Div. Yield 05-09 (%)

P/E

* According to Endesa’s business plan

2006T-2009T: Endesa managament targets

 

Comparable multiples analysis in Iberian market

Implicit Endesa price in terms of

EV/EBITDA

Implicit Endesa price in terms of

P/E

*Source: Average estimates of Citigroup, UBS and Credit Suisse

 

Comparable multiples analysis in Iberian market

Implicit Endesa price in terms of

EV/EBITDA

Implicit Endesa price in terms of

P/E

*Source: Average estimates of Citigroup, UBS and Credit Suisse

 

Comparable multiples analysis in Iberian market

*Source: Average estimates of Citigroup, UBS and Credit Suisse

Implicit Endesa price in terms of

EV/EBITDA

Implicit Endesa price in terms of

P/E

Ordinary Dividend

2006E

Dividend Yield* (%)

Implied XX share price

€1.27/share

3.2%

€39.7/share

2007E

3.6%

€1.46/share

€40.5/share

*Average dividend yield estimate of Union Fenosa, Iberdrola, EDP

 

Comparable transactions analysis

Implicit Endesa price in terms of

EV/EBITDA

Average

48.3

Average

38.2

Implicit Endesa price in terms of

P/E *

* Net income adjusted by capital gains

* * Unión Fenosa IBES Consensus Estimates

* *

* *

 

Financial Impact

EPS Accretion/ Dilution *

*  No synergies nor goodwill considered. Consolidation per Dividend accounting method

Source:  Dividends according to Endesa’s Business Plan on an avg yearly basis

The statement as to financial accretion/dilution is not intended to mean that Acciona’s future cash
earnings per share will necessarily exceed/decrease or match those of any prior year

 

Financial Impact

Balance sheet

No synergies considered

Dividend accounting

Research reports average 2006 estimated EBITDA

In addition Acciona has committed up to €435 million, as additional contingent equity in order to secure
the long term financing

4,650

1,918

Non recourse debt

1,199

1,199

Cash

1.82x

0.90x

Total Net Debt Gearing

0.55x

0.37x

Corporate Net Gearing

3,207

2,551

Corporate debt

3,647

3,647

Net Equity

16,419

13,031

Total Assets

6,658

3,270

Total Net Debt

Acciona post-
Endesa

30.06.06

Acciona pre-
Endesa

30.06.06

(€million)

 

ACCIONA´s Value Creation Track Record

Shareholder´s IRR

IRR*: 32 %

IRR*: 50 %

Value created

IRR: 76 %

IRR: 62 %

Airtel (€m)

Acciona Energy (€m)*

IRR: 34 %

FCC (€m)

* Including dividends

*Acquisition of EHN and CESA and capex invested to date

(2)Average valuation of ANA Energía of: Merrill Lynch, Deutsche Bank, Fidentiis and Kepler

 

Conclusions

A unique opportunity to invest in excellent energy assets in a leading company

Strategic acquisition:

Key shareholder in a global utility

Significant step in Acciona´s strategy to become a key player in the energy market

Consistent with our growth strategy in the electricity sector

Unique platform to lead the transition to a sustainable energy model

Accretive EPS transaction from the first year

Positive net cash flow from the first year

Creates value for Acciona shareholders

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