schedule13dajuly6.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PUKx+rf38ogrqzv8rcJlW/0mUPoWpDYD48c0/nZ1Ewn45J+yBJcxQ/R0cRaagf/Q MVgXWAyO189GeKRa6mPwxA== 0000898822-07-000918.txt : 20070706 0000898822-07-000918.hdr.sgml : 20070706 20070706163517 ACCESSION NUMBER: 0000898822-07-000918 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 12 FILED AS OF DATE: 20070706 DATE AS OF CHANGE: 20070706 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: 07967738 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 schedule13dajuly6.htm schedule13dajuly6.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. 25)*

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 52^nd Street
New York, New York 10019
Attention: Adam O. Emmerich
(212) 403-1000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

July 4, 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 q

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).

This Amendment No. 25 (“Amendment No. 25”) 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. 25 have the meanings set forth in the Schedule 13D. Except as specifically provided herein, this Amendment No. 25 does not modify any of the information previously r eported in the Schedule 13D. This Amendment No. 25 is being filed for the purpose of publicly disclosing certain developments in connection with the proposed joint tender offer by Acciona and Enel Energy Europe S.r.L. for the Shares, including Shares represented by ADSs.

Item 4. Purpose of Transaction.

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

As previously reported in Amendment No. 24 to the Schedule 13D, on July 4, 2007, the Spanish Comisión Nacional de la Energia (the “CNE”) issued a resolution authorizing Acciona and ENEL to increase their respective shareholdings in and exercise joint control over Endesa. The CNE’s authorization is subject to certain conditions enumerated in the decision section of the resolution. This summary of the decision section of the CNE’s resolution is qualified in its entirety by reference to the English translation thereof which is attached hereto as Exhibit 99.51 and incorporated herein by reference. The purpose of this Amendment No. 25 to the Schedule 13D is to file the translation of the decision section of the CN E’s resolution, which was not available at the time Amendment No. 24 to the Schedule 13D was filed.

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:

Item 4 of this Amendment No. 25 is hereby incorporated herein by reference.

Item 7. Material to be Filed as Exhibits.

Item 7 is hereby amended and supplemented by adding the following thereto:

		99.51		Decision section of resolution of the Comisión Nacional de la Energia (CNE) authorizing
				Acciona, S.A and Enel Energy Europe, S.r.l. to increase their respective shareholdings in and
				exercise joint control over Endesa, dated July 4, 2007. (English Translation)

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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: July 6, 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

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IMPORTANT INFORMATION

This filing (including the exhibits to this filing) does not constitute an offer to sell or an offer to buy any securities or a solicitation of any vote or approval. Endesa, S.A. investors and security holders are urged to read the prospectus and U.S. tender offer statement from Enel S.p.A., Enel Energy Europe S.r.L., Acciona, S.A. and/or Finanzas Dos, S.A. regarding the proposed tender offer for Endesa securities when they become available, because they will contain important information. The prospectus and certain complementary documentation for the tender offer has been filed in Spain with the Comisión Nacional del Mercado de Valores (the “CNMV”) and is pending of authorisation upon which the prospectus will become publicly a vailable. Likewise, if a tender offer is extended in the United States, a U.S. tender offer statement will be filed in the United States with the U.S. Securities and Exchange Commission (the “SEC”). Investors and security holders may obtain a free copy of the prospectus (when it is available) and its complementary documentation from Enel S.p.A., Acciona, S.A., Endesa, S.A. and the four Spanish Stock Exchanges. The prospectus will also be available on the websites of the CNMV (www.cnmv.es). Likewise, investors and security holders may obtain a free copy of the U.S. tender offer statement (when it is available) and other documents filed by Enel S.p.A., Enel Energy Europe S.r.L., Acciona, S.A. and Finanzas Dos, S.A. with the SEC on the SEC’s web site at www. sec.gov. The availability of the tender offer to Endesa, S.A. shareholders who are not resident in and citizens of Spain or the United States may be affected by the laws of the relevant jurisdictions in which they are located or of which they are citizens. Such persons should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdictions.

Enel S.p.A., Enel Energy Europe S.r.L., Acciona, S.A., Finanzas Dos, S.A., their affiliates and their agents may purchase or arrange to purchase securities of Endesa, S.A. outside of any tender offer they may make for such securities, but only if permitted to do so by the laws and regulations of Spain (including receipt of approval by the CNMV of any such purchase or arrangement to purchase, if required by such laws and regulations). In connection with any such purchase or arrangement to purchase, Enel S.p.A., Enel Energy Europe S.r.L., Acciona, S.A. and Finanzas Dos, S.A. will disseminate information regarding any such purchase or arrangement to purchase by filing a current report (Hecho Relevante) with the CNMV, an English translation of whi ch will be filed with the SEC and Enel S.p.A., Enel Energy Europe S.r.L., Acciona, S.A., Finanzas Dos, S.A., their affiliates and their agents will rely on, and comply with the other conditions of, the class exemptive relief from Rule 14e-5 under the U.S. Securities Exchange Act of 1934, as amended, granted by the SEC on March 2, 2007. In addition, Enel S.p.A., Enel Energy Europe S.r.L., Acciona, S.A., Finanzas Dos, S.A., their affiliates and their agents may enter into agreements (including hedging transactions) with respect to securities of Endesa, S.A. if permitted to do so by the laws and regulations of Spain (including receipt of approval by the CNMV of any such agreements, if required by such laws and regulations).

FORWARD-LOOKING STATEMENTS

This filing may contain forward-looking statements. Forward-looking statements may be identified by words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “will” or words of similar meaning and include, but are not limited to, statements about the expected future business of Acciona, S.A. or Endesa, S.A. resulting from and following the proposed transaction. These statements are based on the current expectations of Finanzas Dos, S.A. or Acciona, S.A.’s management, and are inherently subject to uncertainties and changes in circumstances. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are factors relating to satisfaction of the conditions to the proposed transaction, and changes in global, political, ec onomic, business, competitive, market and regulatory forces. Acciona, S.A. and Finanzas Dos, S.A. do not undertake any obligation to update the forward-looking statements to reflect actual results, or any change in events, conditions, assumptions or other factors.

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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, V 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 S.p.A. and Enel Energy Europe Società Responsabilità Limitata, dated March 26, 2007, regarding the parties’ ownership in development of a joint ownership project for Endesa, S.A. (“Cooperation Agreement”) ⁽¹⁵⁾

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10.17	Agreement by and among ENEL S.p.A, Acciona, S.A. and E.ON AG, dated April 2, 2007 (the “Settlement Agreement”) ⁽¹⁶⁾

10.18	English Translation of Amendment, dated April 2, 2007, to the Cooperation Agreement, dated March 26, 2007, regarding the development of a joint ownership project for Endesa, by and between Acciona, S.A., Finanzas Dos, S.A., ENEL S.p.A. and Enel Energy Europe S.r.L.⁽¹⁶⁾

10.19	Confidentiality Agreement dated June 15, 2007, between Acciona, S.A. and Endesa, S.A. ⁽²³⁾

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 Acciona’s 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 CV8720) ⁽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⁾

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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⁾

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) ⁽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 Agreem ent 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) ⁽⁶⁾

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

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	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⁾

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. 23272) 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 Acciona’s 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 he reto 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. 23651) 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 Acciona’s 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 ⁽¹⁴⁾

99.36	Hecho Relevante (Nos. 78443, 78444) 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) (English translation) ⁽¹⁴⁾

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99.36	Hecho Relevante (No. 78453) 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) (English translation) ⁽¹⁴⁾

99.37	Presentation by Acciona, S.A. regarding Endesa, dated March 26, 2007 and publicly released on March 27, 2007 ⁽¹⁵⁾

99.38	CNMV Board Resolution in Respect of Endesa Takeover Bid, dated March 23, 2007 (English translation) ⁽¹⁵⁾

99.39	CNMV Communication in Relation of the Agreement between Acciona and Enel over Endesa, dated March 26, 2007 (English translation) ⁽¹⁵⁾

99.40	Proposed Second Supplemental and Amended Complaint by E.ON AG and E.ON Zwölfte Verwaltungs GmbH, dated April 2, 2007 ⁽¹⁵⁾

99.41	Joint Press Release of Acciona, S.A. and ENEL S.p.A. announcing the Settlement Agreement, dated April 2, 2007 ⁽¹⁶⁾

99.42	Hecho Relevante (No. 78775) filed on April 2, 2007 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores (Notice related to the Settlement Agreement attached as Exhibit 10.17 hereto) ⁽¹⁶⁾

99.43	Acciona Presentation, “Acciona, Enel & E.ON: Agreement Relating to Endesa, S.A.” ⁽¹⁷⁾

99.44	Hecho Relevante (Nos. 78974, 78975) filed on April 11, 2007 by Acciona, S.A. and Enel Energy Europe S.r.L. with the Spanish Comisión Nacional del Mercado de Valores (Application for authorization of joint tender offer) ⁽¹⁸⁾

99.45	Hecho Relevante (No. 78996) filed on April 11, 2007 by Acciona, S.A. and Enel Energy Europe S.r.L. with the Spanish Comisión Nacional del Mercado de Valores (Including the bank guarantees required under Spanish law for the joint tender offer) ⁽¹⁸⁾

99.46	Joint press release of ENEL S.p.A. and Acciona, S.A. dated April 11, 2007, announcing the joint tender offer ⁽¹⁸⁾

99.47	Press Release of Acciona, S.A. dated April 24, 2007, reasserting the legality of its actions in connection with the proposed tender offer for Endesa ⁽¹⁹⁾

99.48	Otra Comunicación (No. 23390) filed on May 3, 2007 by Acciona S.A and ENEL S.p.A. with the Spanish Comisión Nacional del Mercado de Valores – CNMV (Notification regarding the request offer filed with the Comisión Nacional de la Energía for authorization to acquire the shares tendered from Endesa, S.A. resulting from the joint tender) ⁽²⁰⁾

99.49	Hecho Relevante (No. 81128) filed on June 11, 2007 by Acciona S.A and ENEL S.p.A. with the Spanish Comisión Nacional del Mercado de Valores – CNMV (Notification regarding the deposit by with the Madrid Mercantile Registry of the provisions regarding the restrictions on the free transferability of Shares provided for in Clause 12 of the Cooperation Agreement) ⁽²²⁾

99.50	Hecho Relevante (No. 81748) filed on July 2, 2007 by Acciona S.A and ENEL S.p.A. with the Spanish Comisión Nacional del Mercado de Valores – CNMV (Notification regarding the reduction of consideration being offered in the proposed joint tender offer by Acciona and Enel Energy Europe S.r.L. for the Shares, including Shares represented by ADSs, from

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	€41.30 per Share to €40.16 per Share to reflect the €1.14 per Share dividend that Endesa general shareholders meeting approved on June 20, 2007) ⁽²³⁾

99.51	Decision section of resolution of the Comisión Nacional de la Energia (CNE) authorizing Acciona, S. A and Enel Energy Europe, S. r. l. to increase their respective shareholdings in and exercise joint control over Endesa, dated July 4, 2007. (English Translation)

99.52	Hecho Relevante (No. 82016) filed on July 5, 2007 by Acciona, S. A and ENEL S. p. A. with the Spanish Comisión Nacional del Mercado de Valores (announcing the approval by the European Commission of the acquisition of sole control through a public takeover bid for Endesa, S. A. by ENEL S. p. A. and Acciona, S. A. ) ⁽²⁴⁾
_________________________________________
⁽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
⁽¹⁴⁾	Filed with Amendment No. 14 to the Schedule 13D
⁽¹⁵⁾	Filed with Amendment No. 15 to the Schedule 13D
⁽¹⁶⁾	Filed with Amendment No. 16 to the Schedule 13D
⁽¹⁷⁾	Filed with Amendment No. 17 to the Schedule 13D
⁽¹⁸⁾	Filed with Amendment No. 18 to the Schedule 13D
⁽¹⁹⁾	Filed with Amendment No. 19 to the Schedule 13D
⁽²⁰⁾	Filed with Amendment No. 20 to the Schedule 13D
⁽²²⁾	Filed with Amendment No. 22 to the Schedule 13D
⁽²³⁾	Filed with Amendment No. 23 to the Schedule 13D
⁽²⁴⁾	Filed with Amendment No. 24 to the Schedule 13D

-10-

EX-99.51 2 exhibit9951.htm exhibit9951.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 99.51

Having reviewed the cited legal and regulatory precepts, the Board of Directors of the National Energy Commission, in its July 4, 2007 session

RESOLVES

To grant the authorization requested by ACCIONA, S.A. and ENEL ENERGY EUROPE, S.r.l. for acquisition of the shares of ENDESA, S.A. that result from the settlement of the Takeover Bid, by both ACCIONA, S.A. (which may reach 25.01 percent) and by ENEL ENERGY EUROPE, S.r.l. (which may possibly reach 74.99 percent).

Any other legal transaction, whether or not deriving from the Agreement on ENDESA Shares signed between the ENEL Group (ENEL) and the ACCIONA Group (ACCIONA) on March 26, 2007 that, because it has an impact on the shares of ENDESA S.A. or a direct impact on the assets of the ENDESA Group (ENDESA), requires prior authorization from the National Energy Commission, p ursuant to Function Fourteen of the Additional Provision Eleven, three, 1 of Law 34/1998 of October 7, must be submitted to a new authorization procedure in the terms set forth in the aforementioned function.

This authorization is subject to the following conditions:

ONE – ACCIONA and ENEL will maintain ENDESA S.A. as an independent company with full operative responsibility in the fulfillment of its business plan and the head company of its group, maintaining its trademark, as well as its corporate headquarters, board of directors and effective management and decision-making center in Spain.

TWO – ACCIONA and ENEL will submit a detailed report to this Commission every six months describing and, if applicable, justifying possible financial transactions or policies that involve significant changes in the net worth of ENDESA, as well as transactions between ENDESA and companies controlled or partly owned (with a direct or indirect stake equal to or greater than 20 percent) by ACCIONA or ENEL, such as transfers of funds, assets, rights and/or contracts that could have a negative effect on the independent management of ENDESA or its operating or financial solvency. The ENDESA dividends policy must be understood as affected by this condition. The first report will be submitted within 90 days after the takeover of ENDESA

The applicants must keep ENDESA duly capitalized. ENDESA must have a debt service ratio, expressed as net financial debt/EBITDA, of less than 5.25 for at least five years after the takeover of ENDESA. The applicants must report the evolution of that ratio to the National Energy Commission quarterly. The first report will be submitted within 60 days after the takeover of ENDESA, and must itemize the specific items included in the calculation, for their validation by this National Energy Commission.

THREE – ACCIONA and ENEL will assume and make, through the control that they exercise over ENDESA, all the investments in regulated gas and electricity activities, both transportation and distribution, as well as the investments in strategic assets to which ENDESA has committed for both sectors (as defined in Function Fourteen of Additional Provision Eleven, three, 1 of Law 34/1998), included in: (1) the latest investment plans announced by this company for the 2007-2011 period listed in this Resolution, (2) in the document Planning for

the gas and electricity sectors. Development of transportation networks, 2002-2012, approved by the Council of Ministers and submitted to Parliament, as well as in (3) the Standard Report on demand for electrical energy and natural gas and its coverage of the National Energy Commission.

Moreover, ACCIONA and ENEL will comply with the time periods for completion of the infrastructures included in the documents mentioned above.

This obligation is understood as without prejudice to the possible adaptation, duly justified, of ENDESA’s investment plans to exceptional circumstances that may arise in the sector, such as changes in energy demand or in the regulatory conditions.

The top priority for the funds generated by ENDESA will be to handle the financing and execution of the above plans. During the 2007-2012 period, the ENDESA companies that engage in regulated activities or have strategic assets in Spain may only distribute dividends when the funds generated by them (defined as cash flow or combined net profits for the fiscal year and amortizations) are sufficient to handle both their investment commitments and the service of the financial debt and the corresponding financing expenses.

In order to facilitate the control and tracking of the investment commitments in distribution, ACCIONA and ENEL will submit the aforementioned investment plan for regulated activities to the National Energy Commission within three months after the possible takeover of ENDESA, detailing the investments in distribution by zones or comarcas [counties], as well as the schedule for them. For the gas sector, the investment plan will distinguish between high and low pressure facilities. For the investments in high pressure, the plan will include the list of specific facilities and specify the assets that are financed by the company itself and those whose financing is assumed by

the users. For the electrical sector, the investment plan will distinguish between high and low voltage facilities. For the investments in high voltage, the plan will include the list of specific facilities and will specify the assets that are financed by the company itself, and those for which financing is assumed by the users.

Before April 1 of each year, ACCIONA and ENEL will send the National Energy Commission a yearly report with information on the investments actually made, broken down by Autonomous Communities, stating the level of compliance with the investment commitments.

FOUR – Given the special characteristics of the nuclear assets in relation to public safety, in exercising their control over ENDESA, ACCIONA and ENEL will have the following obligations related to this matter:

1.	assume and maintain the current obligations and regulations on nuclear energy and, specifically, compliance with all codes and agreements with the rest of the shareholders in the management of nuclear plants with regard to safety and the uranium supply;

2.	maintain a clearly identified, auditable unit at ENDESA that is assigned the company’s responsibility with regard to defining policies, monitoring and decision-making relative to the management of nuclear assets, both at the Ascó I plant and at other plants whose ownership is shared with other companies. This unit will be set up in such a way as to ensure at least the current level of ENDESA’s technical and professional solvency in nuclear matters;

3.	ensure that ENDESA prepares an annual report that includes the list of ENDESA’s activities over the past year in the nuclear area; the investment plans for the next year, and the strategic lines for at least the next five years. This report will include at least detailed information on aspects such as the strategic policy in nuclear and management matters, outages and incidents at the plants, supplies, maintenance, corporate governance situation in the companies that manage the plants with shared ownership, training plans, Human Resources, Research, Development, innovation and any additional aspect that affects safety issues.

	Moreover, the report will indicate which activities will be done with ENDESA’s own resources, and which will be done with outside resources. This report will be submitted to the ENDESA Board of Directors for review and approval, and subsequently sent to the National Energy Commission.

FIVE – For a period of five years after acquisition of ENDESA, ACCIONA and ENEL will ensure that the annual aggregate consumption of each plant owned by ENDESA which currently uses domestic coal is no less than the aggregate annual quantities established for these facilities’ consumption in the 2006–2012 National Coal Mining Plan.

SIX – For a period of five years after the takeover of ENDESA, ACCIONA and ENEL will keep the current management companies for the transportation, distribution and generation assets of the mainland and island territories electrical systems within the ENDESA group.

SEVEN – With regard to ENDESA’s fuel supply contracts, the following obligations will be observed:

1.	The management and operations center for all ENDESA fuel supply contracts will be maintained with separate and independent management as an integral part of the ENDESA structure.

2	ENDESA will maintain ownership of the current and future contracts for covering fuel demand, even if such contracts can be negotiated jointly with other contracts within a larger portfolio. In addition, except in duly justified cases, the ENDESA contracts: (1) if negotiated jointly with other contracts belonging to the requesting companies or their partly owned companies, will not include unfavorable stipulations with regard to the structure and conditions negotiated for the other contracts in that portfolio, without prejudice to possible adaptations to the functioning of the target markets; (2) will not establish clauses that call for particular circumstances in the event of change of control of the parties; and (3) will preferably include a direct contractual and supply relationship with the supplier, unrelated to the requesting companies, with which the contract is negotiated.

3.	ACCIONA and ENEL must guarantee the supply of natural gas to the Spanish market in at least the annual quantities established by ENDESA in its 2007–2011 plans. This obligation is understood as without prejudice to the possible adaptation, duly justified, of ENDESA’s plans.

4.	ACCIONA and ENEL will ensure that ENDESA prepares an annual report on its supply policies, with special reference to the aspects related to supply safety and the aspects mentioned in point 2 above. This report will be submitted to the

ENDESA Board of Directors for review and approval. It will also be sent to the National Energy Commission. In turn, ENEL and ACCIONA will each prepare and send to the National Energy Commission an equivalent supplementary report that specifically deals with the relative treatment given to ENDESA compared to the rest of the purchases of supplies for the requestors. The first reports will be submitted within 120 days after the takeover of ENDESA. When it so deems necessary, this Commission may request explanations or additional information.

EIGHT – Once a year and, in any event, at the request of the National Energy Commission, ENEL will submit a detailed report to this Commission explaining its short-, medium- and long-term corporate strategy in aspects that affect Spanish general interest or public safety. Of those aspects of ENEL corporate strategy that affect such interests—both in ENDESA and in the holding company that will be created pursuant to the Agreement on ENDESA shares signed on March 26, 2007 between ENEL and ACCIONA—the report will include those relative to the strategic assets, regulated activities and other activities that are subject to administrative intervention and involve a relationship of special control, defined in Function Fourteen of Additional Provision Eleven, three, 1 of Law 34/1998 of October 7. The first report will be submitted within 90 days after t he takeover of ENDESA.

NINE – Within ten days after the Shareholders Meetings or meetings of the Board of Directors of ENDESA S.A. are held, ENEL will inform this Commission of the points on the agenda that were discussed, the resolutions adopted, as well as the way that their representatives voted and why, in relation to those points on the agenda involving matters that affect, in the terms indicated above, Spanish general interest or

public safety. Based on the information received, the National Energy Commission may, within one month after the Shareholders Meeting or Board of Directors meeting is held, and after a hearing for ENEL and ENDESA, S.A., order, with justification, the revocation of any resolution for whose approval the support of ENEL representatives has been necessary in any phase of the process of its adoption, when the Commission believes that it may have a negative impact on Spanish general interest or public safety, in accordance with the criteria set forth in the function in exercise of which this Resolution is adopted, and for the purpose of preventing the additional risks made evident in the body thereof, resulting from the control and the special powers held by the Government of the Italian Republic in ENEL.

TEN – The National Energy Commission may proceed to revoke this authorization, including a partial revocation consisting of a modification of the conditions, after following the corresponding administrative procedure, in the following cases:

In situations of particular seriousness for Spanish general interest or public safety resulting from the risks inherent to the transaction covered by this authorization.
In the event of repeated non-compliance with condition NINE above.
If the characteristics of ENDESA indicated in condition ONE above are substantially affected, or the ENDESA control structure is altered compared to the structure that has been used to asses the risks of the transaction.
If the essential configuration of ENDESA is substantially altered through legal transactions on any of its assets.

ENEL ENERGY EUROPE, S.r.L. and ACCIONA S.A. must provide the National Energy Commission with the information that allows it to assess the possible presence of the two grounds for revocation mentioned above.

In the cases of revocation, once the procedure is initiated, this Commission may decide to temporarily suspend the exercise of the voting rights belonging to the shares of ENDESA S.A. that were acquired as a result of the acquisition transactions covered by this authorization by the company or companies in question.

Cases of total revocation of the authorization will entail the obligation to transfer the shares of ENDESA S.A. that were acquired as a result of the acquisition transactions covered by this authorization within a term of six months, for which the authorizations required by law must be obtained. During this time, and until the transfer of the shares of ENDESA S.A. is concluded, the suspension of the voting rights of the company shares pending transfer will remain in effect. In any event, the ENDESA board of directors will limit its actions to the regular ordinary management of the company, refraining from making or arranging any transaction that is not inherent to the company’s ordinary activity.

ELEVEN – Conditions EIGHT and NINE will be reviewed or, if applicable, set aside, when it is confirmed that limitations on access to the share capital of ENEL have been eliminated, as well as the special powers of intervention currently held by the Government of the Italian Republic in that company, and that the Italian Government lacks the ability to exercise effective control of its management by any other means.

TWELVE – The National Energy Commission may turn to the Government so that, pursuant to the provisions of Article 10 of Law 54/1994 of November 27 and Article 101 of Law 34/1998 of October 7, and for the purposes of guaranteeing the energy supply in emergency situations involving shortages or certain risks in that supply, as well as in case of a shortage in the supply of one or more sources of primary energy, the Government adopts the measures described in the aforementioned provisions.

An appeal against this Resolution may be filed with the Ministry of Industry, Tourism and Commerce, as established in Additional Provision Eleven, Three, 5 of Law 34/1998 of October 7 on the Hydrocarbons Sector, within the term of one month, counted as of the day following receipt of this notice.

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