By Gianluca Baratti and Paul Tobin
Jan. 16 (Bloomberg) -- Acciona SA, the Spanish builder that holds a quarter of utility Endesa SA, rose the most in a month in Madrid trading after Expansion said a deal to sell the stake to Enel SpA could happen as early as this month.
Acciona shares jumped as much as 5.60 euros, or 6.9 percent, to 87.30 euros in the Spanish capital. The stock fell 59 percent in 2008.
Enel SpA is in talks to purchase a 25 percent stake in Endesa SA from Acciona and may make an offer by Jan. 26, the newspaper said, without saying where it got the information.
Italy’s largest utility has already negotiated 85 percent of the necessary financing for the deal from banks including Banco Bilbao Vizcaya Argentaria SA, Banco Santander SA and La Caja de Ahorros y Pensiones de Barcelona, the newspaper said.
Enel will own 92 percent of Endesa if the 11 billion-euro ($14.6 billion) purchase takes place. It may pull out of the deal if it is forced to purchase the remaining 8 percent of the company that will remain on the market, the newspaper said, without citing anybody.
No decision on whether to force Enel to make the public offer can be made until the operation is confirmed, a stock market regulator spokesperson said today, asking not to be named.
Acciona has no comment on the Expansion report, a spokesperson, who asked not to be named in line with company policy, said today. Enel will not comment on media speculation, a spokesperson said, also asking not to be named in line with company policy.
Endesa shares were down 3.7 percent or 99 cents to 25.89 euros a share at 10:32 local time, valuing the company at 27.4 billion euros ($36.2 billion).
To contact the reporter on this story: Gianluca Baratti in Madrid gbaratti@bloomberg.net.
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