ENDESA vs PSOE
ENDESA, (NYSE: ELE), (IBEX-35:ELE) the largest utility company in Spain, headed by its Chairman, Mr. Manuel Pizarro Moreno has finally won the battle to the Spanish Socialist Goverment headed by Mr. Jose L. Rodriguez Zapatero, the worst president that Spain has had in the last two centuries.
A few months back, GAS NATURAL made a hostil takeover bid to control ENDESA backed by the Spanish Industry Minister, Mr. Jose Montilla, an illiterate who dropped high school, "to pay back" an old debt to LA CAIXA (the Gas Natural reference bank -La Caixa- condomned 6 milion € to Partido Socialista de Cataluña before the bid). Endesa's CEO refused to discuss the offer, and started his own battle to defend his company against both, GAS NATURAL and the Spanish Government.
Today February 2, 2006, GAS NATURAL has finally given up, and has announced that it will not bid for ENDESA anymore.
Mr. Pizarro has won, as well as all the shareholders of his company who have seen how the value of their shares has increased in the Madrid Stock Exchange from EUR 19.00 to EUR 39.00 in just a few months.
Now, we will be waiting to the disclosure of the offer that EON, the Germany utility, has presented today in a sealed envelop. Will the Germans buy ENDESA or will it maintain its freedom?
Its shareholders have the last word!