Endesa (NYSE:ELE)
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The operation involving the transfer by almost all the
shareholders of Auna of 80% of its share capital to France Telecom
Espana, S.A. was concluded today, 8 November 2005, in accordance with
the share sale contract signed on 29 July 2005 (about which ENDESA
(NYSE:ELE) informed the market in Relevant Facts n(degree) 59846 and
n(degree) 59862, dated 27 July).
With regard to ENDESA, this transaction affects 84.68% of its
direct and indirect shareholding in Auna (which represents 27.7% of
its share capital), for which it has received a price of 2,220.8
million euros, a sum that will be adjusted to take into account
various items on its balance sheet at 31 October 2005, as is normal
practice in this type of operation. ENDESA thus obtains a gross
capital gain of 1.206 billion euros and a net capital gain of 1.06
billion euros after tax.
France Telecom Espana, S.A. has not invoked its right to demand
that part of the cash from the sale be reinvested in newly issued
shares in its parent company France Telecom S.A., as announced in the
Relevant Facts referred to previously.
With regard to the 20% of Auna's share capital that is not for
sale, ENDESA retains a 5.01% stake in Auna that can be transferred to
France Telecom or third parties or via placement on the stock market
three years from today, a mechanism having been agreed that guarantees
a minimum price that is the equivalent of 90% of the price per share
paid France Telecom Espana, S.A. in the initial transaction (361.5
million euros for the shareholding mentioned previously) plus an
annual rate of 4.5%, which will result in a minimum implicit gross
capital gain of 179 million euros (plus interest).
* This document may contain certain forward-looking statements
regarding anticipated financial and operating results and statistics
that are subject to risks and uncertainties as well as to material
risks, changes and other factors which may be difficult to predict,
including, without limitation, those factors described in the
Documento de Registro de Acciones of Endesa filed within the Comision
Nacional del Mercado de Valores and in the Form 20-F of Endesa filed
within the Securities and Exchange Commission, both for the fiscal
year ended December 31, 2004. For all of these forward-looking
statements, we claim the protection of the safe harbour for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995.