Germany's E.On Doesn't Bid For Endesa, But for its Biggest Shareholders

German energy giant E.On has withdrawn its controversial EUR42.3bn bid for Spanish power company Endesa.

E.On said it believed the takeover would not be successful.

The firm said it had reached a deal with rivals, Italy's Enel and Spain's Acciona to split up Endesa's assets.

Enel and Acciona, Endesa's biggest shareholders, said they would launch a bid for the firm in the "near future".