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28 March 2008 - E.ON has approved an agreement on the valuation of a portfolio of power generation assets, which it will take over from Spain's Endesa and Italy's Enel.

The world's largest investor-owned utility by market value will acquire the assets, which are predominantly located in Spain, France and Italy, for around €11.8bn ($18.7bn) including debt. E.ON said that the debt to be taken on amounts to around €2.9bn, but added that the final amount of debt will be " subsequently determined by an auditor".

The deal will significantly increase E.ON's footprint in Spain, Italy and France, countries, which it considers as core growth markets. Overall, E.ON will take over around 12.7 GW of generation capacity

E.ON had agreed in principle on the acquisition with Enel and Spanish infrastructure and energy company Acciona SA last April in exchange for E.ON's withdrawal from a bidding battle for Endesa. Endesa was subsequently taken over by Enel and Acciona.

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