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

Acciona, SA is a global infrastructure and renewable energy conglomerate, which is publicly traded in Spain, and controlled by the family Entrecanales. In 2006, the company entered into a highly politicized struggle for cross-border acquisitions of large electric utility in Spain, Endesa, by acquiring a 10% stake, which then built up to 21%. Other interested suitors were E.ON and Enel, the largest power in Germany and Italy, respectively. In March 2007, Acciona executive chairman Jose Manuel Entrecanales considering three strategic alternatives: auction of its shares - and realizing a capital gain of 1.2 billion euros, 13% of the market capitalization of Acciona's website, offering a strategic, but a minority shareholder of Endesa, or negotiate an agreement with Enel and / or E.ON. "Hide
by Belen Villalonga, Rachelle Silverberg Source: Harvard Business School 31 pages. Publication Date: October 13, 2009. Prod. #: 210029-PDF-ENG

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