The German energy giant E.ON AG has agreed to withdraw its bid for Endesa, thus ending an 18-month battle that saw E.ON’s bid thwarted by repeated government intervention. If, as expected, Enel and Acciona take control of the Spanish utility Endesa, E.ON will still receive a portfolio of assets in Spain, Italy, France, Poland and Turkey. The portfolio, valued at EUR 10 billion, includes the Spanish power utility Viesgo from Enel. According to E.ON this acquisition will make it the fourth largest player on the Spanish market by 2010. E.ON's bid for Endesa was approved a year ago by the European Commission but stalled due to barriers arising out of Spanish legislation. Consequently, as already reported in Brussels Energy Brief of March 2007, the Commission referred Spain to the European Court of Justice on 28 March 2007 for violating EU merger rules.
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