By Christopher Bjork
MADRID--Italy's Enel SpA has raised EUR3.13 billion ($3.91
billion) from the sale of a large stake in its Spanish power
utility Endesa SA to institutional and retail investors.
Enel priced Endesa's shares in the sale at EUR13.5 each, Endesa
said in a regulatory filing on Friday, representing a slight
discount to Thursday's closing price of EUR13.71.
The Italian utility has unloaded a 21.92% tranche of Endesa
stock, including an overallotment option granted to its advisers
before the start of the sale process. Before the sale, Enel had a
92% stake in the Madrid-listed company.
The sale comes weeks after Enel took over Endesa's Latin
American unit and Endesa distributed an unusually large EUR14.6
billion ($18.2 billion) dividend that was largely to the benefit of
the Italian utility.
Enel took over Endesa in 2007 after a multiyear bidding battle
with Germany's E. ON AG and just before Spain plunged into a deep
economic slump.
Spain's then-Socialist government came under fire for allowing
Enel, which is controlled by the Italian state, to acquire Endesa,
which had been privatized just a few years before.
Demand for Endesa shares among institutional investors was 2.2
times the shares assigned, Endesa said. Among retail investors,
demand was 1.7 times the shares initially on offer. Enel earlier
this week increased the number of shares sold to retail
investors.
Banco Santander SA, Banco Bilbao Vizcaya Argentaria SA, Credit
Suisse Group AG and J.P. Morgan Chase & Co. were joint global
coordinators on the deal, while Goldman Sachs Group Inc., Morgan
Stanley and UBS AG were joint bookrunners. Mediobanca SpA advised
Enel.
Write to Christopher Bjork at christopher.bjork@wsj.com
Access Investor Kit for E.ON SE
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=DE000ENAG999
Access Investor Kit for Endesa SA
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=ES0130670112
Access Investor Kit for E.ON SE
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US2687801033
Access Investor Kit for Endesa SA
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US29258N2062
Subscribe to WSJ: http://online.wsj.com?mod=djnwires