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28 March 2007 - In yet another twist in the E.ON-Endesa saga, Enel could take legal action against E.ON's move to buy shares in Endesa from Caja Madrid for two years, German newspaper Handelsblatt reported, citing unidentified sources close to Enel and its partner Acciona.

"Enel's lawyers are currently examining whether the actions of Caja Madrid and E.ON may have been illegal," said the report. Earlier this week E.ON said it launched various legal proceedings against Acciona and Enel over the Spanish and Italian companies' plans to launch a joint bid for Endesa.

E.ON then agreed to buy a 9.9 per cent stake in Endesa from Caja Madrid, which will retain its voting rights for two years. After two years, E.ON will decide whether to buy the Endesa shares from Caja Madrid for the $euro;40 per share it has offered, or hand them back to Caja Madrid.

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