7 September – LAWFUEL – The Law News Network – International law firm Freshfields Bruckhaus Deringer is advising Gas Natural, Spain’s largest natural gas distributor, on its €22.55bn takeover bid for 100 per cent of the share capital of Endesa, and on the financing of that bid. Endesa is Spain’s leading electricity company and its shares are listed in Madrid and New York.
The bid is the largest hostile takeover ever launched in Spain and, if successful, will be Europe’s largest takeover this year. The takeover would create the world’s third-largest private utility and the biggest gas and electricity company in Spain and Latin America with 16m customer accounts in Europe and more than 30m globally.
The offer consideration is a combination of shares and €7.81bn cash. The loan and bank guarantee is underwritten by Société Générale, UBS investment bank and La Caixa. The offer was filed yesterday with the Spanish securities exchange authorities (CNMV) and the shares of Gas Natural and Endesa re-started trading today at 12.30pm (Madrid time).
Freshfields’ team is being led by partner Miguel Klingenberg in Spain. The team also includes partners Joaquín Hervada, Armando Albarrán, Fernando Bautista (corporate, Spain), Iñaki Gabilondo (finance, Spain), and David Winfield (finance, London), supported by associates Miguel García-Stuyck, David Franco and Alfonso de Marcos (corporate, Spain), Javier Gazulla and Maria Mera (tax, Spain), and Paula Mena (finance, Spain).