Enel Jumps After Acciona Says Offer for Endesa Stake Certain

By Adam L. Freeman

Jan. 19 (Bloomberg) -- Enel SpA, Italy’s largest utility, rose the most in six weeks after Acciona SA’s chairman said his company expects a bid for its 25 percent stake in Spain’s largest power generator, Endesa SA.

Enel rose as much as 4.5 percent, the steepest intra-day advance since Dec. 8. The stock added 3.5 percent, or 15 cents, to 4.46 euros at 13:53 a.m. in Milan.

“It looks like it’s undisputable that Enel will make an offer given that they have been talking to the banks,” Acciona Chairman Jose Manuel Entrecanales said in Abu Dhabi today.

Enel is in talks to buy Acciona’s 25 percent stake in Endesa and may make an offer by Jan. 26, Expansion newspaper reported last week, without saying where it got the information.

The Italian utility would own 92 percent of Madrid-based Endesa if the proposed purchase takes place. It’s not clear whether it would be obliged to make a public offer for the remaining shares or how much it would have to pay for them.

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