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20

Spain's Endesa Sells Its Assets to E.On

Spanish electricity company Endesa has agreed with its controlling shareholder, an Italian power utility, Enel

Spanish electricity company Endesa has agreed with its controlling shareholder, an Italian power utility, Enel, on the valuation of a portfolio of assets to be sold to German gas concern E.ON AG for $21.3 billion.

The sale was agreed in principle last year by E.ON and Endesas top shareholders, Acciona and Enel, in exchange for E.ON's withdrawal from a bid for Endesa.

The final price for the deal has been discussed over the past few months.

E.ON will now have 10 days to decide whether it completes the acquisition.