Green light from Enel's board of directors for the 'project to reorganize the group's activities in Iberia and Latin America'. The objectives of the plan are 'simplifying the chain of control', 'refocusing Endesa as a leading company in the Iberian energy markets' and 'promoting the creation of value for Endesa's shareholders'.
The plan will result in the purchase by Enel (which owns 92,06% of Endesa) of the 60,62% held by Endesa in the Chilean Enersis, leader of the activities in Latin America; in the distribution of a dividend by Endesa in an amount 'at least equal to the consideration received from Endesa' for the sale of the share in Enersis (consideration to be defined with independent advisors). The restructuring should be completed 'during the last quarter of 2014'.
Upon completion of this transaction, the note concludes, 'Enel also intends to evaluate the possibility of proceeding, compatibly with market conditions, with other possible transactions on the capital market in order to enhance its stake in Endesa and overcome the current situation of limited liquidity of the security. The reorganisation, underlined the CEO Francesco Starace, 'will free up more funds to support growth'
