Endesa (NYSE:ELE)
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In the wake of the Spanish cabinet's decision today to
approve the takeover of ENDESA (NYSE:ELE) by Gas Natural, and
independent of the Company's in-depth analysis of the ruling once it
has been officially communicated, our initial legal evaluation has
concluded that ENDESA should appeal this decision at the Supreme
Court.
ENDESA believes that the conditions imposed, together with the
poor quality of Gas Natural's project, mean that the business
combination lacks strategic, economic and manufacturing rationale,
while by the same token jeopardising the initiative due to the serious
regulatory risk it entails.
* 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.