Acciona and the Battle for Control of Endesa Harvard Case Solution & Analysis

Acciona, S.A. is a global infrastructure and renewable energy conglomerate that is publicly traded in Spain and controlled by the Entrecanales family. In 2006, the company joined the highly politicized cross-border takeover fight for Spain's biggest electric utility, by getting a 10% stake that it subsequently built up to 21% Endesa. Other involved suitors were E.ON and Enel, the major electric utilities in Germany and Italy, correspondingly.

In the month of March 2007, Acciona's executive chairman Jose Manuel Entrecanales is contemplating three strategic choices: tender its shares - and comprehending a capital gain of 1.2 billion euros, 13% of Acciona's market capitalization; holding out as a calculated but minority shareholder in Endesa; or discussing an agreement with Enel and/or E.ON.

PUBLICATION DATE: October 13, 2009 PRODUCT #: 210029-PDF-ENG

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