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SCHEDULE 13D -2- -3-
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. 14)*
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)
March 26, 2007
(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 persons 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).
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) ¨
* Acciona, S.A. (Acciona), which holds 10,964,099 ordinary shares, nominal value 1.20 each, of Endesa, S.A. (each, a Share), and Finanzas Dos, S.A. (Finanzas),
which holds 211,750,424 Shares and is a wholly owned subsidiary of Acciona, are members of a group and have jointly filed this statement on Schedule 13D. Acciona
and Finanzas also may be deemed to be part of a group with ENEL Società per Azioni and Enel Energy Europe Società Responsabilità Limitata (together, ENEL)
as a result of the Cooperation Agreement described in Item 4 of this Schedule 13D. However, neither the filing of this statement on Schedule 13D nor any of its contents
shall be deemed to constitute an admission by Acciona or Finanzas that it is the beneficial owner of any Shares held by ENEL for purposes of Section 13(d) of the
U.S. Securities Exchange Act of 1934, as amended (the Exchange Act), and Acciona and Finanzas expressly disclaim such beneficial ownership.
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) &n
bsp; ¨
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Kingdom of Spain
7
SOLE VOTING POWER
10,964,099
8
SHARED VOTING POWER
211,750,424**
** Does not include 264,401,597 Shares that are or may be deemed to be beneficially owned by ENEL, as reported in the Statement
on Schedule 13D filed by ENEL (as amended, the ENEL Schedule 13D), of which (a) 105,800,000 Shares are held by ENEL
and (b) 158,601,597 Shares are underlying certain swap arrangements entered into by ENEL with UBS Limited and
Mediobanca - Banca di Credito Finanziario S.p.A. as to which ENEL disclaims beneficial ownership as described in the ENEL
Schedule 13D. Neither the filing of this statement on Schedule 13D nor any of its contents shall be deemed to constitute an admission
NUMBER OF
by Acciona or Finanzas that it is the beneficial owner of any Shares held by ENEL for purposes of Section 13(d) of the Exchange Act,
SHARES
and Acciona and Finanzas expressly disclaim such beneficial ownership.
BENEFICIALLY
OWNED BY
9
SOLE DISPOSITIVE POWER
EACH
10,964,099
REPORTING
PERSON
10
SHARED DISPOSITIVE POWER
WITH
211,750,424***
*** Does not include 264,401,597 Shares that are or may be deemed to be beneficially owned by ENEL, as reported by in the ENEL
Schedule 13D, of which (a) 105,800,000 Shares are held by ENEL and (b) 158,601,597 Shares are underlying certain swap
arrangements entered into by ENEL with UBS Limited and Mediobanca - Banca di Credito Finanziario S.p.A. as to which ENEL
disclaims beneficial ownership as described in the ENEL Schedule 13D. Neither the filing of this statement on Schedule 13D nor any
of its contents shall be deemed to constitute an admission by Acciona or Finanzas that it is the beneficial owner of any Shares held
by ENEL for purposes of Section 13(d) of the Exchange Act, and Acciona and Finanzas expressly disclaim such beneficial ownership.
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
222,714,523****
**** Does not include 264,401,597 Shares that are or may be deemed to be beneficially owned by ENEL, as reported in the ENEL Schedule 13D, of which (a) 105,800,000
Shares are held by ENEL and (b) 158,601,597 Shares are underlying certain swap arrangements entered into by ENEL with UBS Limited and Mediobanca - Banca di Credito
Finanziario S.p.A. as to which ENEL disclaims beneficial ownership as described in the ENEL Schedule 13D. Neither the filing of this statement on Schedule 13D nor any
of its contents shall be deemed to constitute an admission by Acciona or Finanzas that it is the beneficial owner of any Shares held by ENEL for purposes of Section 13(d)
of the Exchange Act, and Acciona and Finanzas expressly disclaim such beneficial ownership.
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (See Instructions)
x
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
21.0%*****
***** Based on 1,058,752,117 Shares outstanding as reported in the CNMV Comisión Nacional del Mercado de Valores website. The percentage shown does not
include 264,401,597 Shares that are or may be deemed to be beneficially owned by ENEL, as reported in the ENEL Schedule 13D, amounting in the aggregate to 24.98% of
the Shares outstanding, of which (a) 105,800,000 Shares are held by ENEL and (b) 158,601,597 Shares are underlying certain swap arrangements entered into by ENEL with
UBS Limited and Mediobanca - Banca di Credito Finanziario S.p.A. as to which ENEL disclaims beneficial ownership as described in the ENEL Schedule 13D. Neither the
filing of this statement on Schedule 13D nor any of its contents shall be deemed to constitute an admission by Acciona or Finanzas that it is the beneficial owner of any
Shares held by ENEL for purposes of Section 13(d) of the Exchange Act, and Acciona and Finanzas expressly disclaim such beneficial ownership.
14
TYPE OF REPORTING PERSON (See Instructions)
CO
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) ¨ | ||||||
* Acciona, which holds 10,964,099 Shares, and Finanzas, which holds 211,750,424 Shares and is a wholly owned subsidiary of Acciona, are members of a group. | ||||||
Acciona and Finanzas may be deemed to be part of a group with ENEL as a result of the Cooperation Agreement described in Item 4 of this Schedule 13D. However, neither | ||||||
the filing of this statement on Schedule 13D nor any of its contents shall be deemed to constitute an admission by Acciona or Financzas that it is the beneficial owner of any | ||||||
Shares held by ENEL for purposes of Section 13(d) of the Exchange Act, and Acciona and Finanzas expressly disclaim such beneficial ownership. | ||||||
| ||||||
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- | ||||||
8 | SHARED VOTING POWER | |||||
211,750,424** | ||||||
** Does not include 264,401,597 Shares that are or may be deemed to be beneficially owned by ENEL, as reported in the ENEL | ||||||
Schedule 13D, of which (a) 105,800,000 Shares are held by ENEL and (b) 158,601,597 Shares are underlying certain swap | ||||||
arrangements entered into by ENEL with UBS Limited and Mediobanca - Banca di Credito Finanziario S.p.A. as to which ENEL | ||||||
disclaims beneficial ownership as described in the ENEL Schedule 13D. Neither the filing of this statement on Schedule 13D nor | ||||||
NUMBER OF | any of its contents shall be deemed to constitute an admission by Acciona or Finanzas that it is the beneficial owner of any Shares held | |||||
SHARES | by ENEL for purposes of Section 13(d) of the Exchange Act, and Acciona and Finanzas expressly disclaim such beneficial ownership. | |||||
BENEFICIALLY | Also does not include 10,964,099 Shares held by Acciona. | |||||
OWNED BY | ||||||
EACH | 9 | SOLE DISPOSITIVE POWER | ||||
REPORTING | -0- | |||||
PERSON | ||||||
WITH | 10 | SHARED DISPOSITIVE POWER | ||||
211,750,424*** | ||||||
*** Does not include 264,401,597 Shares that are or may be deemed to be beneficially owned by ENEL, as reported in the ENEL | ||||||
Schedule 13D, of which (a) 105,800,000 Shares are held by ENEL and (b) 158,601,597 Shares are underlying certain swap | ||||||
arrangements entered into by ENEL with UBS Limited and Mediobanca - Banca di Credito Finanziario S.p.A. as to which ENEL | ||||||
disclaims beneficial ownership as described in the ENEL Schedule 13D. Neither the filing of this statement on Schedule 13D nor | ||||||
any of its contents shall be deemed to constitute an admission by Acciona or Finanzas that it is the beneficial owner of any Shares | ||||||
held by ENEL for purposes of Section 13(d) of the Exchange Act, and Acciona and Finanzas expressly disclaim such beneficial | ||||||
ownership. Also does not include 10,964,099 Shares held by Acciona. | ||||||
| ||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | |||||
211,750,424**** | ||||||
**** Does not include 264,401,597 Shares that are or may be deemed to be beneficially owned by ENEL, as reported by ENEL in the ENEL Schedule 13D, of which | ||||||
(a) 105,800,000 Shares are held by ENEL and (b) 158,601,597 Shares are underlying certain swap | ||||||
|
-4-
arrangements entered into by ENEL with UBS Limited and Mediobanca - Banca di Credito Finanziario S.p.A. as to which ENEL disclaims beneficial ownership as | |||
described in the ENEL Schedule 13D. Neither the filing of this statement on Schedule 13D nor any of its contents shall be deemed to constitute an admission by Acciona | |||
or Finanzas that it is the beneficial owner of any Shares held by ENEL for purposes of Section 13(d) of the Exchange Act, and Acciona and Finanzas expressly disclaim such | |||
beneficial ownership. Also does not include 10,964,099 Shares held by Acciona. | |||
| |||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES | ||
CERTAIN SHARES (See Instructions) x | |||
| |||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||
20.0%***** | |||
***** Based on 1,058,752,117 Shares outstanding as reported in the CNMV Comisión Nacional del Mercado de Valores website. The percentage shown does not | |||
include 264,401,597 Shares that are or may be deemed to be beneficially owned by ENEL, as reported by ENEL in the ENEL Schedule 13D, amounting in the aggregate | |||
to 24.98% of the Shares outstanding, of which (a) 105,800,000 Shares are held by ENEL and (b) 158,601,597 Shares are underlying certain swap arrangements entered | |||
into by ENEL with UBS Limited and Mediobanca - Banca di Credito Finanziario S.p.A. as to which ENEL disclaims beneficial ownership as described in the ENEL | |||
Schedule 13D. Neither the filing of this statement on Schedule 13D nor any of its contents shall be deemed to constitute an admission by Acciona or Finanzas that it is the | |||
beneficial owner of any Shares held by ENEL for purposes of Section 13(d) of the Exchange Act, and Acciona and Finanzas expressly disclaim such beneficial ownership. | |||
Also does not include 10,964,099 Shares held by Acciona. | |||
| |||
14 | TYPE OF REPORTING PERSON (See Instructions) | ||
CO | |||
|
-5-
This Amendment No. 14 (Amendment No. 14) 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). Capitalized terms used and not defined in this Amendment No. 14 have the meanings set forth in the Schedule 13D. Except as specifically provided herein, this Amendment No. 14 does not modify any of the information previously reported in the Schedule 13D. This Amendme nt No. 14 is being filed for the purpose of publicly disclosing certain important developments in connection with the Reporting Persons investment in Endesa, in particular as reflected in an agreement among the Reporting Persons, ENEL Società per Azioni and Enel Energy Europe Società Responsabilità Limitata (together, ENEL) regarding Endesa.
Item 4. Purpose of Transaction.
Item 4 is hereby amended to add the following supplemental information:
On February 27, 2007, ENEL purchased 105,800,000 Shares in an off-market transaction with certain institutional investors. It also entered into share swap transactions with UBS Limited and Mediobanca - Banca di Credito Finanziario S.p.A. in respect of an aggregate of 158,601,597 Shares. Together, these transactions covered a total of 24.98% of the outstanding Shares. Also, on March 6, 2007, E.ON announced that it waived the condition to its tender offer requiring the Endesa shareholders approve certain modifications to Endesas articles of association (Estatutos Sociales). In addition, there have been market rumors that E.ON may similarly drop the current condition to its tender offer that it would proceed only in the event that at least a majority of the Shares are successfully tendered to E.ON, and E.ON has amended its public filings in relation to its tender offer to expressly reserve such possibility.
In light of these developments, and as previously reported, the Reporting Persons began discussions with ENEL to explore the options open to Acciona in connection with the E.ON offer and possible alternatives to the E.ON offer, including the possibility that the Reporting Persons and ENEL would develop a shared management project for Endesa under the leadership of Acciona, which would include, in compliance with current legislation, the launching by Acciona and ENEL of a tender offer for all of the Shares not already held by either of them.
As a result of these discussions, on March 26, 2007, the Reporting Persons and ENEL entered into an agreement (the Cooperation Agreement) to implement a joint management project for Endesa under the leadership of Acciona pursuant to the terms and conditions set forth in the Cooperation Agreement.
Purpose of the Cooperation Agreement
The purpose of the Cooperation Agreement is to develop a joint management project for Endesa, subject to the condition that E.ON does not acquire more than 50% of the share capital of the Endesa, based on the following shared principles:
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Conditions Precedent
The parties obligations under the Cooperation Agreement are generally subject to the condition that E.ON does not acquire through its tender offer more than 50% of the share capital of Endesa.
The Tender Offer
In connection with their joint management project for Endesa, the Reporting Persons and ENEL agreed in the Cooperation Agreement that, subject to the condition precedent described above, they would launch a tender offer to acquire all of the outstanding Shares not currently beneficially owned by them for a price to be determined by them at the time that the tender offer is launched, but in no case shall the price be lower than (a) 41in cash per Share, plus (b) the interest accrued on such amount from the date of the Cooperation Agreement until the date of the filing of the tender offer at an interest rate equal to the three-month Euro Interbank Offered Rate (EURIBOR), minus (c) any dividends paid on Shares from and after the date of the Cooperation Agreement. The Reporting Persons and ENEL agreed th at they would formally commence their tender offer as soon as legally possible. Prior to the commencement of their joint tender offer and up to the time of the settlement of the joint tender offer, each of the Reporting Persons and ENEL shall be free to exercise in their sole discretion voting rights with respect to their Shares.
The Cooperation Agreement provides that, once the tender offer is commenced, the completion of the tender offer will be subject to the satisfaction or waiver of the following conditions:
there shall be a sufficient number of tendered Shares so that, together with the Shares already held by the Reporting Persons and ENEL, the tendered Shares represent a majority of Endesas share capital; | |||
the Reporting Persons and ENEL shall have obtained required governmental authorizations; and | |||
Endesa shareholders shall have approved amendments to articles 32, 37, 38 and 42 of Endesas articles of association (Estatutos Sociales) (and such amendments shall have been registered with the Commercial Registry of Madrid) in order to: | |||
eliminate the limitation on the maximum number of votes that shareholders may exercise; | |||
eliminate the requirements related to the composition of Endesas Board of Directors and the type of directors; and | |||
eliminate the qualifications required to be appointed a director or director with delegated authority (Consejero Delegado), other than the requirement of a lack of legal prohibitions. |
-7-
At the settlement of the tender offer, Acciona would acquire 3.974% of the share capital of Endesa, and ENEL would acquire any other Shares tendered.
Formation of Holdings
After the successful completion and settlement of the tender offer, the Reporting Persons and ENEL will over time contribute an equal number of Shares to a newly formed corporation (Holdings), up to a maximum amount so that Holdings holds 50.02% of Endesas share capital.
Governance of Holdings and Endesa
The Reporting Persons will hold approximately 50.01% of the share capital of Holdings, and ENEL will hold the remaining share capital of Holdings. The parties to the Cooperation Agreement agreed that, with respect to Shares not contributed to Holdings, they would vote such Shares in the same manner as Holdings votes its Shares.
The Reporting Persons, on the one hand, and ENEL, on the other hand, shall have equal representation on the Boards of Directors of Holdings and Endesa. The chairmen of each such Board (both of whom shall be nominated by Acciona) will have a deciding vote in the case of a tie, except for certain matters that will require supermajority approval. The Chairman of Endesa shall have executive authority and, acting jointly (mancomunadamente) with the Managing Director nominated by ENEL, shall exercise authority of the Board by delegation.
The Cooperation Agreement also provides that certain governance matters (the Specified Matters) must be agreed by both Acciona and ENEL at the corporate bodies of Endesa and Holdings. Any disagreement between Acciona and ENEL on the Specified Matters will be resolved through customary procedures to overcome deadlocks. Any irreconcilable discrepancies existing after the third anniversary of the Cooperation Agreement may be resolved by dividing the assets of Endesa or, alternatively, through the exercise of a put option granted by ENEL to Acciona that permits Acciona to sell to ENEL the Reporting Persons Shares and shares in Holdings.
Creation of a World Leader in Renewable Energies
The Reporting Persons and ENEL also agreed in the Cooperation Agreement that, in the event that they acquired effective control over Endesa, they would create a world leader in renewable energies through the combination of the renewable energy assets of Acciona (that is, principally, Acciona Energy) and Endesa under a new company. The combination would occur in such a manner that Acciona would hold at least a 51% stake in the share capital of the new company, and Endesa would hold the remaining stake. The new company would be managed by Acciona.
Integration of Viesgo into Endesa
In the Cooperation Agreement, the Reporting Persons and ENEL stated that they plan to integrate Viesgo into Endesa if they acquire effective control over Endesa. The integration of Viesgo into Endesa would be subject to the receipt of relevant administrative approvals and would also be subject to review in the event that relevant authorities imposed an undertaking on the parties to dispose of Endesas assets.
Term of the Cooperation Agreement
The term of the Cooperation Agreement is ten years, with five-year automatic extensions.
-8-
Other Matters Relating to the Cooperation Agreement
The foregoing description of the Cooperation Agreement is qualified in its entirety by the actual terms of the Cooperation Agreement, an English translation of which will be filed as Exhibit 10.16 to the Schedule 13D once such English translation is complete, and such terms are incorporated herein by reference.
Acciona and ENEL issued a joint press release announcing the execution of the Cooperation Agreement. The press release is attached as Exhibit 99.35 hereto and incorporated herein by reference. Acciona also has filed with the CNMV two Hecho Relevantes, or current reports, reporting the Cooperation Agreement and attaching that agreement. The current reports filed with the CNMV, in their original Spanish and English form, are attached as Exhibits 99.36 and 99.37 hereto and are incorporated herein by reference. All Hechos Relevantes filed by Acciona and other reporting persons with the CNMV are available on the internet at www.cnmv.es/english/index_e.htm under the Significant events and other communications tab.
The Reporting Persons and ENEL are acting together with respect to Endesa to the extent, but only to the extent, set forth in Cooperation Agreement described above. Other than as set forth in that agreement, neither the Reporting Persons nor ENEL have any agreement or understanding with each other as to Endesa, nor any obligation to act in concert or otherwise on the same basis, and neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission by the Reporting Persons that it is the beneficial owner of any Shares held by ENEL for purposes of Section 13(d) of the Exchange Act, and the Reporting Persons expressly disclaim such beneficial ownership. This Schedule 13D constitutes a separate filing by the Reporting Persons in accordance with Rule 13d-1(k)(2) under the Exchange Act, and the Reporting Persons disclaim any responsibility for the accuracy of the information relating to ENEL or its Shares.
Item 5. Interest in Securities of the Issuer.
Item 5 is hereby amended to add the following supplemental information:
Item 4 of this Amendment No. 14 is incorporated herein by reference. As previously disclosed, the Reporting Persons have acquired an aggregate of 222,714,523 Shares, which constitute approximately 21.0% of the outstanding Shares. By virtue of the Cooperation Agreement, the Reporting Persons may be deemed to have become members of a group with ENEL with respect to the Shares and/or ADSs that are or may be deemed to be currently beneficially owned by ENEL and thus may be deemed to beneficially owned any Shares and/or ADSs that are or may be currently beneficially owned by ENEL.
In Amendment No. 3 to the ENEL Schedule 13D, ENEL reported that it may be deemed to beneficially own 264,401,597 Shares (representing 24.98% of the outstanding Shares), of which (a) 105,800,000 Shares are held by ENEL and (b) 158,601,597 Shares are underlying certain swap arrangements entered into by ENEL with UBS Limited and Mediobanca - Banca di Credito Finanziario S.p.A. as to which ENEL disclaims beneficial ownership, as described in the ENEL Schedule 13D. This Schedule 13D constitutes a separate filing by the Reporting Persons in accordance with Rule 13d-1(k)(2) under the Exchange Act, and neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission by the Reporting Persons that it is the beneficial owner of any Shares held by ENEL for purposes of Section 13(d) of the Exchange Act, and the Reporting Persons expressly disclaim such beneficial ownership. < /FONT>
-9-
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
Item 6 is hereby amended to add the following supplemental information:
Items 4 and 5 of this Amendment No. 14 are incorporated herein by reference.
Item 7. Material to be Filed as Exhibits.
Item 7 is hereby amended and supplemented by adding the following thereto:
10.16 | English Translation of Agreement by and between Acciona, S.A., Finanzas Dos, S.A., ENEL Società per Azioni and Enel Energy Europe Società Responsabilità Limitata, dated March 26, 2007, regarding the development of a joint ownership project for Endesa, S.A. (Cooperation Agreement)* | |
99.35 | Press Release, dated March 26, 2007, issued by Acciona, S.A. and ENEL Società per Azioni regarding Cooperation Agreement | |
99.36 | Hecho Relevante (No. _______) filed on March 26, 2007 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notice related to the Cooperation Agreement attached as Exhibit 10.16 hereto) | |
99.37 | Hecho Relevante (No. _______) filed on March 26, 2007 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notice related to the Cooperation Agreement attached as Exhibit 10.16 hereto) |
_________________________________________
* To be filed by amendment as soon as the English translation of the original Spanish version is completed.
-10-
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: March 26, 2007 |
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 |
-11-
INDEX OF 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 (1) | |
10.2 | English Translation of Bridge Credit Commitment, dated September 26, 2006, from Banco Santander Central Hispano, S.A. to Acciona, S.A (1) | |
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 (1) | |
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) (1) | |
10.5 | Confirmations with respect to the Total Return Swaps entered into on October 12, 13, 16, 17 and 19, 2006 (2) | |
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. (5) | |
10.7 | English Translation of Stock Purchase Order from Acciona, S.A. to Banco Santander Central Hispano, S.A., dated September 25, 2006 (6) | |
10.8 | English Translation of letter from Acciona, S.A. to Banco Santander Central Hispano, S.A., dated September 25, 2006. (6) | |
10.9 | English Translation of Syndicated Financing Agreement between Finanzas Dos, S.A. and the Lenders, dated December 21, 2006 (8) | |
10.10 | English Translation of Syndicated Financing Agreement between Acciona, S.A. and the Lenders, dated December 21, 2006 (8) | |
10.11 | English Translation of Shareholder Subordinated Loan Agreement between Acciona, S.A., Finanzas Dos, S.A. and the Lenders, dated December 21, 2006 (8) | |
10.12 | English Translation of Coordination and Guarantees Agreement between Acciona, S.A., Finanzas Dos, S.A. and the Lenders, dated December 21, 2006 (8) | |
10.13 | English Translation of Shareholder Support Agreement between Acciona, S.A., Finanzas Dos, S.A. and the Lenders, dated December 21, 2006 (8) | |
10.14 | English Translation of CMOFs Agreement between Acciona, S.A. and the Lenders, dated December 21, 2006 (10) | |
10.15 | English Translation of CMOFs between Finanzas Dos, S.A. and the Lenders, dated December 21, 2006 (10) | |
10.16 | English Translation of Agreement by and between Acciona, S.A., Finanzas Dos, S.A., ENEL Società per Azioni and Enel Energy Europe Società Responsabilità Limitata, dated March 26, 2007, | |
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regarding the parties ownership in development of a joint ownership project for Endesa, S.A. (Cooperation Agreement)* | |
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) (1) |
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 Accionas intent as an Endesa shareholder.) (English Translation) (2) |
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 (3) |
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) (3) |
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.) (4) |
99.6 | Press release issued by Acciona, S.A., dated November 10, 2006 (4) |
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) (5) |
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 (5) |
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) (6) |
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) (6) |
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) (6) |
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) (6) |
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) (6) |
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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 Accionas investment in Endesa.) (English Translation) (6) |
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) (6) |
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) (6) |
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 commencement of a lawsuit by E.ON in the United States District Court for the Southern District of New York.) (English Translation) (6) |
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) (6) |
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 Spanish 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) (6) |
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) (6) |
99.22 | Hecho Relevante (No. 74537) filed on December 22, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification related to the Long- Term Financing and the Acciona Financing.) (7) |
99.23 | Hecho Relevante (Nos. 75419, 75427, 75428, 75434, 75436, 75438 and 75439) filed on January 10, 2007 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification related to purchase of additional Shares and attaching the original Spanish language versions of the financing agreements, English translations of which have been filed as Exhibits 10.9 through 10.13 hereto and the CMOFs) (8) |
99.24 | Letter from the Spanish Comisión Nacional del Mercado de Valores to Acciona, dated January 8, 2006, attaching a copy of the E.ON CNMV Complaint. (English Translation) (8) |
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99.25 | 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 January 9, 2007 (8) | |
99.26 | Response to the request for information made by the CNMV in connection with the E.ON CNMV Complaint submitted by Acciona, S.A. on January 12, 2007 to the CNMV (9) | |
99.27 | Report for Public Disclosure (No. 22272) filed on January 12, 2007 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification related to the E.ON CNMV Complaint and attaching the original Spanish language version of Accionas Response to the request for information made by the CNMV in connection with the E.ON CNMV Complaint, an English translation of which has been filed as Exhibit 99.26 hereto) (9) | |
99.28 | English Translation of Official Request submitted to the CNMV by Acciona, S.A., on January 16, 2007, relating to E.ON. (10) | |
99.29 | English Translation of Supplement to Official Request submitted to the CNMV by Acciona, S.A., on January 19, 2007, relating to E.ON (10) | |
99.30 | Acciona Presentation, Endesa independent: an alternative with greater value, dated January 25, 2007 (11) | |
99.31 | Report for Public Disclosure (Nos. 22570 and 22577) filed on January 25, 2007 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification related to the Acciona presentation, Endesa independent: an alternative with greater value, which presentation is attached hereto as Exhibit 99.30) (11) | |
99.32 | 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 February 5, 2007 (12) | |
99.33 | Report for Public Disclosure (No. 22651) filed on February 6, 2007 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification related to the February 5, 2007 Opinion and Order rendered by the Honorable Denise Cote, United States District Judge, United States District Court, Southern District of New York, which Opinion and Order is attached as Exhibit 99.32 hereto) (12) | |
99.34 | Hecho Relevante (No. 78380) filed on March 23, 2007 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification related to Accionas discussions with ENEL Società per Azioni) (English translation) (13) | |
99.35 | Press Release, dated March 26, 2007, issued by Acciona, S.A. and ENEL Società per Azioni regarding Cooperation Agreement | |
99.36 | Hecho Relevante (No. _______) filed on March 26, 2007 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notice related to the Cooperation Agreement attached as Exhibit 10.16 hereto) | |
99.37 | Hecho Relevante (No. _______) filed on March 26, 2007 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notice related to the Cooperation Agreement attached as Exhibit 10.16 hereto) | |
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____________________________________ | ||
* | To be filed by amendment as soon as the English translation of the original Spanish version is completed. | |
(1) | Filed with Amendment No. 1 to the Schedule 13D | |
(2) | Filed with Amendment No. 2 to the Schedule 13D | |
(3) | Filed with Amendment No. 3 to the Schedule 13D | |
(4) | Filed with Amendment No. 4 to the Schedule 13D | |
(5) | Filed with Amendment No. 5 to the Schedule 13D | |
(6) | Filed with Amendment No. 6 to the Schedule 13D | |
(7) | Filed with Amendment No. 7 to the Schedule 13D | |
(8) | Filed with Amendment No. 8 to the Schedule 13D | |
(9) | Filed with Amendment No. 9 to the Schedule 13D | |
(10) | Filed with Amendment No. 10 to the Schedule 13D | |
(11) | Filed with Amendment No. 11 to the Schedule 13D | |
(12) | Filed with Amendment No. 12 to the Schedule 13D | |
(13) | Filed with Amendment No. 13 to the Schedule 13D | |
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PRESS RELEASE |
ENEL AND ACCIONA SIGN AN AGREEMENT
FOR THE MANAGEMENT OF ENDESA
Madrid, 26th March 2007 -- Today, Enel and Acciona announced that they have signed an agreement to implement a joint management project for Endesa, allowing, through the generation of synergies and their compounded experiences, the joint management project will contribute to the future growth of Endesa.
The agreement, which is dependent upon E.ON not acquiring more than 50% of Endesas capital stock, fits perfectly with Accionas and Enels strategic plans. With regard to Acciona, this is fully consistent with the companys commitment to the energy sector and, more specifically as a shareholder in Endesa, a company with great potential. Since investing in Endesa at the end of September 2006, Acciona has made clear its objective to participate actively in Endesas management, an objective which is fulfilled by the agreement reached with Enel.
For Enel, this transaction extends further its growth strategy in the European electricity market and consolidates its presence in Spain and in Latin America, doing so in line with its strict financial criteria. Enel expects to create business and geographical synergies with a compnay that is clearly complementary.
The parties shared vision of Endesa |
Enel and Acciona intend to consolidate Endesas position as one of the leading power companies in the world, through joint management of the company, based on shared principles and values.
In this regard, the parties priorities are improving Endesas mix of generation assets toward a sustainable power model, maximizing value for Endesa shareholders and optimizing the quality of Endesa's supply sources.
The parties share the intention of: retainng Endesa's management and effective decision-making power in Spain; guarantee, as a top priority, power supply and investment levels in the distribution and transmission network; increase investments in the Spanish power sector;maintain Endesas research and development capabilities backed with Enels explicit support; priviledge the experience, technological capacity and efficiency of Endesa's personnel; and maintaining Endesas current dividend policy.
Endesas joint management |
Acciona and Enel will prepare a business plan for Endesa based on their shared management principles, the generation of synergies and the contribution of the experience of Acciona and Enel in the power sector.
To this end, Acciona and Enel will contribute to a joint holding company the shares of Endesa that they hold and the shares that could be acquired by them in the tender offer for Endesa shares that they agreed to launch according to the applicable legislation. Acciona and Enel agreed to contribute to the holding company an equal number of shares of Endesa until the first semester of 2010 until they reach an aggregate amount of 50.02% of the outstanding capital stock of Endesa. Acciona and Enel have agreed to vote the shares they own at any given time in the same way as those held and voted by the holding company.
Acciona will hold approximately 50.01% of the share capital of the holding company. Acciona and Enel will have equal representation rights on the boards of both the holding company and Endesa. It is foreseen that the Chairmen of each such boards will have casting vote and will be appointed by Acciona. The chairman of Endesa will be an executive chairman and, acting jointly with the Chief Executive Officer appointed by Enel, will exercise all authority of the board by delegation.
The agreement also provides a list of reserved matters which will have to be agreed upon between the parties in the governing bodies of the holding company as well as Endesa. Any disagreement existing after the third anniversary of the agreement may be resolved by dividing the assets of Endesa or, alternatively, through the exercise by
Acciona of a put option granted by Enel that requires Enel to purchase Accionas shares in Endesa.
The agreement will have a term of 10 years starting from the date on which it was executed, with automatic extensions for five-year periods.
Creation of a worldwide leader in renewable energy
If Acciona and Enel acquire effective control over Endesa, the agreement establishes that they will create a worldwide leader in renewable energies through the combination of Acciona and Endesas assets under a new company in which Acciona will hold at least a 51% stake in the share capital of the new company, and Endesa will hold the remaining share capital.
The new company would be managed by Acciona, which will contribute its experience, dynamism, and leadership in the renewable energy business. The expected result is that the new company would have a presence in 24 countries and a expected generating capacity of 13,300 MW by 2009.
Integration of Viesgo into Endesa |
Acciona and Enel plan to integrate Viesgo into Endesa if they acquire effective control over Endesa.
The integration of Viesgo would be subject to the receipt of relevant administrative approvals and also subject to review in the event that any undertaking to dispose of assets of Endesa were imposed by relevant authorities.
The Tender Offer |
Acciona and Enel intend to carry out in the future, if E.ON does not acquire more than 50% of Endesas capital stock, a project for joint and lasting management for Endesa. Since, in order to implement that project, it is necessary to launch an OPA for all the capital, the parties have agreed to launch it, thus making it possible for the shareholers who so desire to have the opportunity to divest.
The OPA will be filed as soon as legally possible. The OPA will be directed to all the shareholders of Endesa and will be launched jointly. Of the shares that accept the
OPA, Acciona will acquire the equivalent to 3.974% of Endesas capital. The rest will be acquired by Enel.
The tender offer price shall be determined at the time the tender offer is launched. The price shall not be lower than 41 per share, plus the interest accrued on such amount until the day the tender offer price is paid at an interest rate of EURIBOR (3 months), adjusted by any dividends distributed.
The tender offer will be subject to the satisfaction or waiver of the following conditions: (1) the tender offer is accepted by a percentage of the share capital of Endesa that, when added to the percentage held by Acciona and Enel, exceeds 50% (i.e. 3.99% of Endesas share capital); (2) certain provisions in Endesas Bylaws are amended; and (3) all relevant authorizations are obtained.
Acciona and Enel shall, up to the time when their tender offer is settled, be free to exercise in their sole discretion their voting rights in Endesa.
A better Endesa |
The agreement has been executed by the Chairman of Acciona, José Manuel Entrecanales, and the CEO of Enel, Fulvio Conti. Both expressed their satisfaction for the agreement. The Chairman of Acciona highlighted that this agreement materilaises the strategic goals of Acciona in Endesa, securing the independence of Endesa as a Spanish company, its investments and the maintenance of its employees, while creating a worldwide leader in reneawable energy, with a great value creation potential. The CEO of Enel stated that the agreement provides a platform for Enels growth in the European electricity market, for the companys further consolidation in the Spanish market as well as in high growth markets such as Latin America.
About Enel |
Enel is Italys largest power company and Europes third-largest listed utility by market capitalization. Listed on the Milan and New York stock exchanges since 1999, Enel has the largest number of shareholders of any Italian company, at some 2.3 million. It has a market capitalisation of about EUR 49 billion at current prices.
About ACCIONA |
ACCIONA Group, one of the main national and international corporations with actvities in more than 30 countries throughout the five continents. Their activities span from infrastructures, renewable energy sources, mini-hydro, urban and environmental services, logistic and transportation, real estate, hospital management, among others.
In 2006 ACCIONA recorded a turnover of 6,272 million (+29.3%), an EBITDA of 960 million euros (+29.2%e), an operating profit of 630 million (+23.1%) and an attributable net result of 1,370 million (+322.8%) . ACCIONA is quoted on the IBEX-35 (ANA.MC) selective index with a capitalisation of 10.3 billion euros in March 2007.
CONTACTS |
Enel Press Office ph. 0039 06 8305 5699 fax 0039 06 8305 3771 e-mail: ufficiostampa@enel.it Investor Relations Teléfono 39 06 83057008 Fax 39 06 83053771 Mail investor.relations@enel.it www.enel.it |
ACCIONA
Dirección de Relaciones Institucionales y Marketing Corporativo
Teléfonos 34 91 663 23 26/ 623 11 46
Relación con Inversores
Teléfono 34 91 623 10 59
www.acciona.es
Disclaimer
This press release contains information on Acciona, S.A. (Acciona) and Enel S.p.A. (Enel) in connection with their respective beneficial ownership of shares in Endesa, S.A. (Endesa) and in connection with an agreement (the Agreement) entered into today by Enel, and the transactions and matters contemplated by the Agreement.
This press release should be read together with the Agreement, an original Spanish language copy of which has been publicly filed with the Spanish Comisión Nacional del Mercado de Valores (CNMV) and an English language translation of which will be filed with filings to be made with the U.S. Securities and Exchange Commission (SEC). Further, analysts and investors should carefully review all of the filings made by Acciona and Enel with the CNMV and with the SEC; those filings contain important information about Acciona and Enel, their respective beneficial ownership of the Endesa shares, the Agreement and the transactions contemplated thereby, and related matters. The Agreement and all of the information referred to in this paragraph is publicly available at www.cnmv.es and www.sec.gov.
The implementation of the transactions contemplated by the Agreement and referred to herein, including the joint tender offer by Acciona and Enel for 100% of the outstanding shares of Endesa, is subject to various conditions, authorizations, contingencies and other significant requirements and constraints deriving from applicable laws and regulations and from the Agreement itself. Further, to the extent permitted under applicable law, each of Acciona and Enel reserves its right to amend, supplement, waive or rescind any part of the Agreement as they may agree from time to time. As a result of the foregoing, analysts and investors should not rely on this press release or on the Agreement as an assurance that any or all of the transactions envisaged in the Agreement or in this press release will be necessarily be completed or implemented. Further, analysts and investors are urged to read the Agreement and to seek legal advice in order to fully understand the terms, conditions, risks and contingencies to which the transactions envisaged in the Agreement are subject.
This press release has the purpose of summarizing and explaining certain key provisions of the Agreement for the benefit of Accionas and Enels shareholders, other investors in Endesa and the market in general. By preparing and releasing this press release, each of Acciona and Enel does not intend to recommend or suggest, directly or indirectly, any investment strategy in connection with Acciona, Endesa or any other company, or with any securities issued by any such persons. This press release 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 press release in any jurisdiction in contravention of applicable law. Subject to the terms and conditions provided in the Agreement, a tender offer document for the shares of Endesa will be filed with the CNMV and with other applicable market supervisors and regulators, as soon as it is permitted and/or required under Spanish law and other applicable laws, and will be provided to shareholders of Endesa in accordance with such law to the extent required or permitted thereby.
The release, publication or distribution of this press release in certain jurisdictions may be restricted by law and therefore persons in any such jurisdiction into which this press release is released, published or distributed should inform themselves about and observe such restrictions.
Additional Important Information for U.S. Investors
If Acciona and Enel commence a tender offer in the United States, they will file with the SEC a statement on Schedule TO that will include an offer to purchase, a letter of transmittal and related documents. The offer to purchase, letter of transmittal and related documents will also be mailed to U.S. holders of record of Endesa shares and holders of American Depositary Shares (ADSs) representing Endesa shares, and be made available for distribution to beneficial owners of Endesa shares and ADSs. The solicitation of offers to buy the Endesa shares and ADSs will only be made pursuant to the offer to purchase, the letter of transmittal and related documents. When they are available, U.S. stockholders should carefully read those materials (as well as any amendments and supplements to those materials) prior to making any decisions with respect to the tender offer because they will contain important information, including the var ious terms of, and conditions to, the tender offer. When they are available, U.S. stockholders will be able to obtain the offer to purchase, the letter of transmittal and related documents without charge from the SECs website at www.sec.gov and will receive information at an appropriate time on how to obtain such materials for free from Acciona and Enel or their duly designated agent.
Forward-Looking Statements |
This press release 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 of Acciona, Enel, Endesa and other companies, as well of the global business, market share, financial results and other aspects of the activity and situation relating to those companies. 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 uncert ainties 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 press release. 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 press release, including, without limitation, change in Accionas or Enels business or acquisition strategy to reflect the occurrence of unanticipated events.
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Madrid, 26 de marzo de 2007 | ||
COMISIÓN NACIONAL DEL MERCADO DE VALORES | ||
Dirección de Mercados Primarios | ||
Paseo de la Castellana, 19 | ||
28046 Madrid | ||
Fax nº: 91 585 1662 | ||
Muy señores nuestros: | Dear Sirs, | |
En cumplimiento de lo dispuesto en el Artículo 82 de la | In compliance with article 82 of Act 24/1988, of July | |
Ley 24/1988, de 28 de julio, de Mercado de Valores, | 28th, on the Securities Market, ACCIONA, S.A. | |
ACCIONA, S.A. comunica el siguiente | hereby reports the following | |
HECHO RELEVANTE | RELEVANT INFORMATION | |
Acciona y Enel han concluido las conversaciones | Acciona and Enel have concluded the conversations | |
que venían manteniendo, y de las que se informó | they were holding, as reported by Relevant | |
mediante Hecho Relevante del pasado día 23 de marzo. | Information (Hecho Relevante) filed on March 23. | |
Como consecuencia de ello, en el día de hoy Acciona | As a result, on the date hereof, Acciona and Enel have | |
y Enel han alcanzado y suscrito un acuerdo para | reached and executed an agreement to implement a | |
desarrollar un proyecto de gestión compartida de | joint management project for Endesa under the | |
Endesa bajo el liderazgo de Acciona en los términos | leadership of Acciona, pursuant to the terms | |
que se resumen a continuación. | and conditions summarized below. | |
1. Objeto | 1. Purpose | |
El Acuerdo tiene por objeto el desarrollo de un | The purpose of the Agreement is the development | |
proyecto de gestión compartida de Endesa para el | of a joint management project for Endesa, subject | |
caso en que E.ON no adquiera más del | to the condition that E.ON does not acquire more | |
than 50% of the share |
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50% del capital social de la compañía, basado en los | capital of the company, based on the following shared | |||
siguientes principios comunes: | principles: | |||
- | to retain Endesas management and effective | |||
- | conservar la sede de dirección y el centro de | decision-making power in Spain; | ||
decisión efectiva de Endesa en España; | ||||
- | to guarantee, as a top priority, power supply | |||
- | asegurar, como objetivo prioritario, el | and investment levels in the distribution and | ||
suministro de energía y las inversiones en la | transportation network; | |||
red de transporte y distribución; | ||||
- | to increase investments in the Spanish power | |||
- | incrementar las inversiones en el sector | sector, thereby benefiting ancillary industries | ||
energético español, con el consiguiente | and improving employment levels, particularly | |||
impacto positivo para la industria auxiliar y | in the domestic mining sector; | |||
el empleo, y de forma muy especial para la | ||||
minería nacional; | ||||
- | to maintain Endesas R&D capabilities backed | |||
with Enels explicit support; | ||||
- | mantener la capacidad de investigación y | |||
desarrollo de Endesa con el apoyo explícito | ||||
de Enel; | - | trust in the experience, technological ability and | ||
efficiency of Endesas personnel, not foreseeing | ||||
the parties any relevant changes in the current | ||||
- | confiar en la experiencia, capacidad tecnológica | personnel; | ||
y eficacia del personal de Endesa, no | ||||
previendo la realización de cambios de | ||||
relevancia en la plantilla actual; | - | to maintain Endesas current dividend policy. | ||
- | continuar con la actual política de | |||
dividendos de Endesa. | ||||
2. Condición suspensiva | 2. Condition precedent | |||
La gestión compartida de Endesa por parte de Enel y | Accionas and Enels joint management of Endesa is | |||
Acciona es incompatible con la adquisición por E.ON | incompatible with the acquisition by E.ON of more | |||
de más del 50% del capital de Endesa. Por ello, con | than 50% of the share capital of Endesa. This is why, | |||
carácter general, el Acuerdo está sujeto a la condición | as a general rule, the Agreement is subject to a | |||
suspensiva de que E.ON no adquiera en su OPA más | condition precedent that E.ON not acquire through | |||
del 50% del capital social de Endesa. | its offer more than 50% of the share capital of Endesa. | |||
Las partes, para no frustrar la eficacia del Acuerdo, han | The parties, necessarily so as not to frustrate the | |||
declarado expresamente su voluntad de no disponer | effectiveness of the Agreement, have expressly | |||
sus acciones de Endesa salvo en los casos en que el | declared their intention not to dispose of their shares | |||
Acuerdo lo permite. | in Endesa except as otherwise permitted under the | |||
Agreement. |
2
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3. Gestión común de Endesa | 3. Joint management of Endesa | |
Acciona y Enel desarrollarán un plan de negocio para | Acciona and Enel shall prepare a business plan for | |
Endesa basado en los principios de gestión expresados | Endesa based on the management principles laid | |
por las partes en el Acuerdo, la generación de sinergias | down by the parties in the Agreement, the | |
y la aportación de la experiencia de Acciona y | generation of synergies and the contribution of the | |
Enel en el área energética. | experience of Acciona and Enel in the power sector. | |
Para ello, Acciona y Enel aportarán progresivamente a | To this end, Acciona and Enel shall progressively | |
una sociedad holding las acciones de Endesa que ya | contribute to a holding company their current shares | |
poseen y las que pudieran adquirir en la OPA que | in Endesa and any shares in Endesa acquired in any | |
formularán como consecuencia de la celebración del | tender offer that the parties will launch as a | |
Acuerdo hasta un porcentaje máximo que represente la | consequence of the execution of the Agreement, up to | |
mayoría del capital social (50,02%) de Endesa. Cada parte | a maximum percentage that amounts to a majority of | |
aportará la misma cantidad de acciones de Endesa. El | the share capital of Endesa (50.02%). Each party shall | |
resto de las acciones que Acciona o Enel puedan adquirir | contribute an equal number of Endesa shares. Any | |
deberán ser votadas en igual sentido que la sociedad | remaining shares in Endesa acquired by Acciona or | |
holding. | Enel shall be voted as voted by the holding company. | |
Acciona será titular de aproximadamente el 50,01% del | Acciona shall hold approximately 50.01% of the share | |
capital de la sociedad holding y Enel del capital social | capital of the holding company and Enel will hold the | |
restante. Acciona y Enel tendrán derecho de | rest of the share capital. Acciona and Enel shall enjoy | |
representación paritaria en el Consejo de la sociedad | equal representation in the Boards of Directors of the | |
holding y en el de Endesa. Se prevé que los Presidentes | holding company and of Endesa. The chairmans of | |
de ambos Consejos gocen de voto dirimente y sean | each such Board shall have a casting vote, and shall | |
designados por Acciona. El presidente de Endesa será | be nominated by Acciona. The chairman of Endesa | |
ejecutivo y, mancomunadamente con el Consejero | shall have executive authority and, acting jointly | |
Delegado que designará Enel, ejercerá por delegación | (mancomunadamente) with the Managing Director | |
las facultades del Consejo. | nominated by Enel, shall exercise all authority of the | |
board by delegation. | ||
El Acuerdo prevé adicionalmente un catálogo de materias | The Agreement also establishes various matters that | |
reservadas que deben decidirse por consenso de las | must be agreed by Acciona and Enel at the corporate | |
partes en los órganos de la sociedad holding y de | bodies of Endesa and the holding company. Any | |
Endesa. Los desacuerdos entre las partes sobre estas | discrepancies between Acciona and Enel on these | |
materias se resolverán mediante los procedimientos | specific matters shall be resolved through customary | |
habituales para superar situaciones de bloqueo. Las | mechanisms to overcome corporate deadlocks. Any | |
discrepancias irreconciliables existentes después del | irreconcilable discrepancies persisting after the third | |
tercer año de vigencia del Acuerdo podrán resolverse | anniversary of the Agreement may be resolved by | |
también mediante la división de los activos de Endesa o, | dividing the assets of Endesa or, alternatively, | |
alternativamente, | through the exercise of a put option granted by Enel | |
to Acciona in | ||
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mediante el ejercicio por parte de Acciona de una opción | respect of any shares held by Acciona in Endesa and | |||
de venta de sus acciones en Endesa y en la sociedad | in the holding company. | |||
holding. | ||||
4. Creación de un líder mundial en | 4. Creation of a world-wide | |||
energías renovables | leader in renewable energies | |||
Para el caso en que las partes obtengan control efectivo | The Agreement provides that, in the event the parties | |||
sobre Endesa, el Acuerdo establece que las partes | acquire effective control over Endesa, the parties will | |||
crearán un líder mundial en energías renovables | create a world-wide leader in renewable energies | |||
mediante la combinación de los activos de energía | through the combination of the renewable energy | |||
renovable de Acciona (esto es, Acciona Energía) y | assets of Acciona (that is, Acciona Energia) and | |||
Endesa. | Endesa. | |||
La combinación se realizará mediante la aportación de | The combination shall take place by contributing the | |||
los activos relevantes a una sociedad en la que Acciona | relevant assets to a company jointly held by Acciona | |||
tendrá, al menos, el 51% del capital social, y Endesa | (holding at least 51% of the share capital) and Endesa | |||
el capital social restante. | (holding the rest of the share capital). | |||
La nueva sociedad será gestionada por Acciona, quien | This new company shall be managed by Acciona, | |||
aportará su experiencia, dinamismo y liderazgo en el | which shall accordingly contribute its experience, | |||
área de energías renovables. | dynamism and leadership in the field of renewable | |||
energies. | ||||
5. Integración de Viesgo en Endesa | 5. Integration of Viesgo into | |||
Endesa | ||||
Acciona y Enel prevén integrar Viesgo en Endesa | Acciona and Enel plan to integrate Viesgo into Endesa, | |||
siempre que adquieran control efectivo de Endesa. | provided that they acquire effective control over | |||
Endesa. | ||||
La integración de Viesgo está sujeta a las autorizaciones | The integration of Viesgo is subject to the relevant | |||
administrativas pertinentes, a la luz de las cuales se | administrative authorizations and also subject to review | |||
podría reconsiderar esta operación si se impusiera la | in the event that any undertaking to dispose of any | |||
obligación de enajenar activos de Endesa. | assets in Endesa is imposed by relevant authorities. | |||
6. La Oferta Pública de Adquisición de | 6. The tender offer | |||
Acciones | ||||
Mediante el Acuerdo, Acciona y Enel se proponen | Pursuant to the Agreement Acciona and Enel intend to | |||
llevar a cabo en el futuro, si E.ON no alcanza más del | implement a joint and long-lasting management project | |||
50% del capital de Endesa, un proyecto de gestión | for Endesa for the event that E.ON does not obtain | |||
común y duradera para Endesa. Para hacer efectivo ese | more than 50% of the share capital of the company. To | |||
proyecto las partes han adquirido el compromiso de | implement such a project the parties have undertake to | |||
formular una oferta pública de adquisición de acciones | launch a tender offer for 100% of the share capital of | |||
(OPA), permitiendo así que los accionistas que lo | Endesa, thus providing shareholders with an | |||
deseen tengan la posibilidad | opportunity to divest | |||
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de desinvertir. | their shares in Endesa. | |
La OPA será presentada tan pronto como sea legalmente | The offer shall be launched as soon as legally possible. | |
posible. La OPA que formularán ambas partes de | The offer, to be launched by Acciona and Enel acting | |
manera conjunta y mancomunada estará dirigida a todos | jointly, shall be addressed to all shareholders of Endesa | |
los accionistas de Endesa diferentes de Acciona y Enel. | other than Acciona and Enel. Acciona shall acquire a | |
De las acciones que hayan aceptado la OPA, Acciona | stake of 3.974% of the share capital of Endesa, while | |
adquirirá un paquete equivalente al 3,974% del capital | Enel shall acquire any other shares tendered. | |
de Endesa. El resto de las acciones serán adquiridas por | ||
Enel. | ||
El precio de la OPA se determinará en el momento de | The tender offer price shall be determined at the time | |
formulación de la misma aunque no será inferior a 41 | the tender offer is launched. The price shall not be | |
por acción, más los intereses que se devenguen sobre | lower than 41 per share, plus the interest accrued on | |
dicho importe hasta la fecha de la formulación de la | such amount until the day the tender offer price is paid | |
OPA a un tipo equivalente a EURIBOR a tres meses, | at an interest rate of EURIBO (three months), minus any | |
menos los dividendos por acción distribuidos. | dividends per share distributed. | |
La OPA estará sujeta al cumplimiento o renuncia de las | The offer would be subject to the satisfaction or waiver | |
siguientes condiciones (1) que la OPA sea aceptada | of the following conditions, namely (1) that the offer is | |
por un porcentaje del capital social de Endesa que, | accepted by a percentage of the share capital of Endesa | |
sumado al que esté en poder de Acciona y Enel, supere | which, added to the percentage held by Acciona and | |
el 50%; (2) a la modificación de algunas estipulaciones | Enel, exceeds 50%; (2) that certain provisions in the | |
de los Estatutos de Endesa; y (3) a la obtención de las | By-laws of Endesa are amended; and (3) that all relevant | |
preceptivas autorizaciones. | authorizations are obtained. | |
Hasta la liquidación de la OPA Acciona y Enel | Acciona and Enel shall, up to the time when the offer is | |
ejercitarán libremente el derecho de voto de sus | settled, be free to determine in their sole discretion the | |
acciones en Endesa. | exercise of their voting rights in Endesa. | |
Tras la liquidación de la OPA, Acciona y Enel aportarán | Following settlement of the tender offer, Acciona and | |
a la sociedad holding un 10,02% del capital social de | Enel shall contribute 10.02% of the share capital of | |
Endesa. El resto de las acciones de Endesa titularidad | Endesa to the holding company. Any remaining shares | |
de Acciona o Enel hasta alcanzar un máximo de 50,02% | in Endesa held by Acciona or Enel, up to a maximum of | |
(es decir, un 20% cada uno) serán aportadas no más | 50.02% (namely 20% each) shall be contributed no later | |
tarde del primer semestre de 2010. Cada parte aportará | than the end of the first semester of 2010. Each party | |
la misma cantidad de accionesde Endesa. | shall contribute an equal number of Endesa shares. | |
7. Plazo | 7. Term | |
El Acuerdo prevé un plazo de duración de 10 | The Agreement shall be in force for a ten-year |
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años a partir de su firma, con prórrogas automáticas | period after execution thereof, with automatic extensions | |
por cinco años. | for five years. | |
Atentamente/Yours sincerely, |
ACCIONA, S.A. |
P.p. |
/s/ Jorge Vega-Penichet |
Jorge Vega-Penichet |
Secretario del Consejo/Company Secretary |
6
+#YV MG>.<=<5A7'AAYT<&Z`)$F"%.3DIMRH!XV[CZ53C\*>29%26.6)HU55EWX&(PAX#`=,]L\T`=`MW;,5"W M$1+C*@./F'M1]LML?\?$70G[X[=:P9_#=W<-%YE_N$<>T<-UV% ;&T2M'E51!PI`/KD_4B@"[<:I;P,%^9R4#C9@Y!8*/S)JPL M\+[]LJ'9P^&'R_7TK$M_#\UO,C) ,LV1Z8J6#3WL+2;[0 M?M!:%;=4AB.2HSUY.2
0NX_..! MZ_2L:/1[UM`BM&FC2[?:\TK*6(<8P1@CD87\J9/X=GD,P-S"ZLSLN^,YRY&< MD'/&.,8QQZ4`;":C9O)(BW,1,2AW^;@`]#GI4GVF' @^'KC`/VF(LDKRH&C)4EI-YW#//0#\*`- M:VU*VN681R+PYC4EA^\(QDKSR.WX4^.^MY+PVL;AY`A=MI!"X(Z'_`UD_V M! 6D+!(BOR*&QCG@Y M;)H`V****`"BBB@`HHHH`:S;5+'H!FN+\,QO/K9N-IV*&8MCC)__`%T45G)7 MDCMP[Y:-1KR.VHHHK0X@HHHH`****`"BBB@`HHHH`*2BB@`I:**`"BBB@`HH - -HH`****`"BBB@#__V3\_ ` end
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Madrid, 26 de marzo de 2007 | ||
COMISIÓN NACIONAL DEL MERCADO DE VALORES | ||
Dirección de Mercados Primarios | ||
Paseo de la Castellana, 19 | ||
28046 Madrid | ||
Fax nº: 91 585 1662 | ||
Muy señores nuestros: | Dear Sirs, | |
En cumplimiento de lo dispuesto en el Artículo 82 de | In compliance with article 82 of Act 24/1988, of July | |
la Ley 24/1988, de 28 de julio, de Mercado de Valores, | 28th, on the Securities Market, ACCIONA, S.A. hereby | |
ACCIONA, S.A. comunica el siguiente | reports the following | |
HECHO RELEVANTE | RELEVANT INFORMATION | |
Advertido que la traducción al inglés del Hecho | Having noticed that the English translation of the | |
Relevante presentado en la fecha de hoy no se | Relevant Fact filed today it is not exactly consistent | |
corresponde exactamente con el contenido del Acuerdo | with the provisions of the Agreement that has been | |
ya difundido por la CNMV y con lo previsto en la | already made publicly available by the CNMV and with | |
versión española del Hecho Relevante, Acciona | the Spanish version of the Relevant Fact, Acciona | |
confirma que el precio mínimo de la OPA será de 41 | confirms that the minimum tender offer price will be 41 | |
por acción, más los intereses que se devenguen sobre | per share, plus the interest accrued on such amount until | |
dicho importe hasta la fecha de la formulación de la | the day the tender offer is filed at an interest rate of | |
OPA a un tipo equivalente a EURIBOR a tres meses, | EURIBOR (three months), minus any dividends per | |
menos los dividendos por acción distribuidos. | share distributed. |
Atentamente/Yours sincerely, |
ACCIONA, S.A. |
P.p. |
/s/ Jorge Vega-Penichet |
Jorge Vega-Penichet |
Secretario del Consejo/Company Secretary |