Wednesday, October 24, 2007

Spain Industry Ministry lightens conditions on Acciona, Enel for Endesa bid

MADRID, Oct. 23, 2007 (Thomson Financial delivered by Newstex) -- Acciona SA and Enel Spa said their acquisition of Endesa (NYSE:ELE) SA has been approved by Spain's Industry Ministry with seven conditions, compared with the 12 conditions imposed by Spain's energy watchdog CNE at the beginning of June.

In a statement to bourse regulator CNMV, the companies said the ministry has eliminated some of the most conflictive conditions, mainly the one related to being able to veto after the event any decisions taken by Enel on Endesa's board.

Acciona and Enel had appealed against the CNE's original ruling, while the European Commission approved the bid without conditions on July 5, stating that some of the hurdles imposed by the regulator could contravene EU rules.

Here is the full article.