Enel the placement of the shares begins well Endesa, the Spanish subsidiary of which the Italian group (which holds 92% of the capital) has put 22% on the market. According to some banking sources, thePublic offer of sale – which began last Thursday – would have been covered in full already on the second day with proceeds of around three billion euros.
In detail, the share allocated to institutional investors (equal to 85% of the 22% on sale) would have already been booked, but the company does not seem willing to close the offer early, which will end on November 20th. As for the remainder, reserved for the retail investors (15% of 22%), the offer began on November 7 and will close this Wednesday.
Institutional investors would have optioned the shares a 13,5 €, with a 5% discount compared to Endesa's closing price on Friday (14,20 euros). The maximum price was set by Enel at 15,535 euros per share.
The proceeds from the disposal of the stake in Endesa is interpreted by many analysts as an important step forward towards the reduction of Enel's net debt, which at the end of September was worth 44,5 billion (up 12,3% compared to 39,706 billion as at 31 December 2013).
The management of the Italian group has reiterated that debt reduction will continue to be a priority, but now the company expects debt to fall to 39-40 billion euros by the end of the year, therefore above the 37 billion indicated in the business plan.
Precisely this point penalizes Enel's share on the Stock Exchange today, which at the beginning of the afternoon lost 0,7%, to 3,7 euros.
