The release follows a series of announcements from the Italian national champion Enel that it had signed derivative contracts for just over 5% of the Endesa share capital.

Enel’s wholly-owned subsidiary Enel Energy Europe already owns 9.9% of Endesa’s share capital

The deals came about through share swap transactions with Mediobanca for a cash settlement.

Enel has also asked for Comision Nacional de la Energia (CNE) authorisation to acquire up to the 24.99% threshold which, if exceeded, would trigger an obligatory public tender offer under existing laws.

The move follows an extension of the deadline for Endesa shareholders to commit to the E.ON deal by regulators CNMV to 29 March.

Related Articles
CNE to relax Eon-Endesa conditions
E.ON jacks Endesa offer higher
E.On submits Endesa offer to regulators
E.ON boosts Endesa offer