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3 April 2007 - E.ON said it would acquire Enel's Spanish unit Viesgo and receive additional Spanish generation capacity from Endesa after agreeing to withdraw its takeover bid for the Spanish utility.
On Tuesday, Germany's E.ON withdrew its $56.2bn bid for Endesa in return for a carve-up of the Spanish utility's assets with Italy's Enel and Acciona of Spain.
E.ON's CEO, Wulf Bernotat said: "In total, by 2010 E.ON's Spanish power plant capacity will have a balanced energy mix of approximately 6400 MW. With market share clearly exceeding 10 per cent, E.ON will then become the number four player on the Spanish market,' E.ON added.
In Italy, E.ON will acquire E.ON Endesa Italia, with about 5000 MW in generation capacity. "This will make E.ON the fourth largest power producer in Italy, also with a size comparable to that of its business in northern Europe," said Bernotat.
In France, E.ON will acquire Endesa France/SNET, which has a capacity of some 2500 MW, making it number three in the power generation sector, the German utility added.
Mr Bernotat added: "Obtaining a minority interest in Endesa would have led to a stalemate between the shareholders and triggered unpredictable lawsuits.
"The agreement we have reached with Enel and Acciona will rapidly establish clarity for everyone involved. At the same time, in one step, E.ON will establish attractive market positions in Spain, Italy and France, which we look forward to further developing."
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