El govern espanyol és el gran perdedor de la batalla per Endesa

Ho diu "The Economist":

Acciona did even better than Enel. The Spanish company, led by José Manuel Entrecanales, is likely to be rewarded with lucrative state construction contracts for its help in obstructing the Germans. It has the option to sell its Endesa stake to Enel between 2010 and 2017 at a minimum price of €41 per share, rising in line with interest rates. The Spanish conglomerate will also get access to Endesa’s renewable-energy operations, which will complement its own renewable business.

Spain’s government comes out the worst in this tortuous saga. It supported a lower bid for Endesa by Gas Natural, a smaller Spanish energy firm, because it wanted to create a national energy champion and keep Endesa in Spanish hands. But Gas Natural dropped its bid a couple of months ago, E.ON will now enter the Spanish market, and Endesa’s European arm will be broken up. Moreover, the EU is taking legal action against Spain for breaking European takeover rules.

Manuel Conthe, boss of the CNMV, Spain’s stockmarket regulator, quit his job on April 2nd in protest at the government’s pressure on CNMV to scupper E.ON’s bid for Endesa. His authority was consistently undermined by other members of the regulator’s board who are close to the government. Mr Conthe will explain the reasons for his departure to the Spanish parliament’s economic commission next week. The government can expect an uncomfortable return from the holiday weekend.