L’Enel alla conquista della Spagna

9 aprile 2007

Pubblicato su Altrenotizie

Dopo un lungo testa a testa con la tedesca E.On, durato 18 mesi, Enel, insieme alla spagnola Acciona, riesce ad acquisire nel prossimo mese di luglio la società elettrica Endesa, la più grande in Spagna con 13 milioni di clienti e impianti per 21.400 mw, proprietaria di centrali nucleari e a rinnovabili. Immediata la dichiarazione dell’amministratore delegato Fulvio Conti: “Un gruppo che potrà sviluppare notevoli sinergie e fin da subito farà crescere del 25% l’utile per azione dell’Enel”. Infatti, Endesa, con l’11,84% del mercato delle energie rinnovabili in Spagna é leader in Europa. Quando sarà concluso il contratto con con Enel e Acciona, ci troveremo davanti ad un colosso energetico con una potenza totale di 90 mila megawat, una capitalizzazione di 90 miliardi di euro, la presenza in 22 paesi in quattro continenti e 55 milioni di clienti. Dati che vengono superati solo dalla francese Edf.

L’annuncio del via libera all’acquisizione è giunto improvviso, rompendo uno stallo di 18 mesi; dalla Germania, E.On ha reso nota la sua rinuncia e di essersi accordata con le due società concorrenti. L’accordo prevede che E.On acquisti alcuni assett di Endesa in Francia, Italia, Spagna, Polonia e Turchia per un controvalore di 10-11 miliardi di euro. Quindi, Enel e Acciona hanno via libera per il lancio della loro opa per l’acquisizione di Endesa a 41 euro per ogni azione, per una spesa totale di ben 42 miliardi di euro.

Una somma giudicata da diverse fonti bancarie (Ubs, Mediobanca, Morgan Stanley, Goldman Sachs) elevata e che peserà per il 25% sugli spagnoli e per il restante sull’Italia. Il perfezionamento dell’operazione avverrà solo in luglio, secondo quanto dichiarato dallo stesso Conti. Endesa porterà all’Enel, oltre ai suoi 13 milioni di clienti, attività in Cile, Argentina, Brasile, Colombia, Perù, Guatemala, El Salvador, Panama, Nicaragua e Marocco.

Manca ancora l’ultimo passo: l’autorizzazione finale da parte della commissione di borsa spagnola (Cnmv), che tuttavia si dà per acquisita, per scontata. Comunque Endesa manterrà in pieno la sua connotazione. Non verrà inglobata dall’Enel, in pratica, nasce un gruppo italo spagnolo.

Aperta soddisfazione anche nel mondo politico italiano. Il presidente del Consiglio Romano Prodi si è detto soddisfatto dell’operazione Enel- Endesa: “Si è raggiunto un risultato positivo. C’è stato un accordo generale e quindi un passo avanti per costruire un sistema europeo senza tensioni e problemi per il futuro”. D’altra parte, la politica non sembra affatto essere stata estranea all’accordo: fonti giornalistiche riportano che Romano Prodi abbia parlato dell’operazione con il primo ministro Zapatero e con la stessa Angela Merkel.

Anche il governo di Madrid ha detto la sua. In un incontro con la stampa spagnola a Bruxelles, il ministro dell’industria, Joan Clos, dichiara che “la soluzione raggiunta tra Enel, Acciona ed E.On è accettabile, perché preserva Endesa dalla smembramento. Il quartier generale resta in Spagna e la società non viene smembrata, il che è importante perché in questo modo il valore storico di Endesa resta unito”.
Ancora da Bruxelles arriva anche una puntualizzazione della Commissione Europea, che ricorda al governo spagnolo che la soluzione raggiunta non ferma il deferimento alla Corte di Giustizia Europea della Spagna per le restrizioni “illegali e ingiustificate” opposte a E.On.

Tornando in Italia, dove il 20% della quota di capitale di Endesa Italia è detenuta dalla ASM di Brescia, i vertici di Enel e Acciona incontrano quelli di ASM: l’accordo raggiunto tra Enel-Acciona ed E.On prevede, secondo fonti finanziarie, la divisione di Endesa Italia e quella della francese Snet. Per la cessione della controllata Enel in Spagna Viesgo ai tedeschi si sta trattando sulla base di un prezzo di circa 2 miliardi. Sempre secondo la stessa fonte, gli asset di Endesa Italia verranno divisi tra E.On cui andrà il 70 per cento delle centrali e ASM Brescia, cui toccherà il rimanente 30 per cento. In modo analogo si procederà in Francia per quanto riguarda Snet. Il 65 per cento delle centrali andrà a E.On, mentre Enel prenderà il rimanente 35 per cento”, spiega la fonte.

L’Enel, che in passato ha già acquisito il 66% di Slovenske elektrarne, produttrice di energia elettrica, tramite tecnologia nucleare, in Slovacchia, è destinata a diventare uno dei giganti dell’atomo in Europa dal momento che la Spagna ha nove reattori. A questo si aggiunga che quello iberica è il secondo Paese al mondo dopo la Germania per produzione di energia eolica.

Il caso Enel-Enedesa diventa così, secondo alcuni analisti di borsa, un’involontaria pietra di paragone con quelli Telecom e Alitalia, che invece appaiono oggetto delle mire di investitori stranieri. Su quei fronti si muovono banche e interessi di livello decisamente sovranazionale.

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