Friday, November 16, 2007

Enesa S.A. to delist from the New York Stock Exchange - Enel S.p.A.(Italy) & Acconia Energia (Spain) are the new owners

MADRID, Nov 16 (Reuters) - Endesa will delist its American Depositary Receipts (ADRs) from the New York Stock Exchange on Dec. 5, as its free float and volume have shrivelled since it was taken over, the Spanish utility said on Friday.

Italian utility Enel (ENEI.MI: Quote, Profile, Research) and Spanish group Acciona (ANA.MC: Quote, Profile, Research) bought 92 percent of Endesa in a takeover this year.

Since then, Endesa's ADRs account for less than 0.3 percent of its capital and trading volume in New York is less than one percent of the total securities traded.

"Given the low liquidity of that market and how much it costs the company to keep the listing, the board has decided to delist from the New York Stock Exchange and deregister from the Securities and Exchange Commission," Endesa said in a statement.

Here is the full article.