MADRID, 2 August 2004 Read all today’s legal news, law, law f…

MADRID, 2 August 2004 Read all today’s legal news, law, law firm news, law research Allen & Overy has advised EnBW (Energie Baden-Württemberg) in the sale of its 34.58% stake in the fourth Spanish Electricity Company Hidrocantábrico (Hidroeléctrica del Cantábrico S.A.) to Portuguese electricity supplier EDP Electricidade de Portugal, S.A. The sale is subject to antitrust approval by the EU Commission and implementation of the scheduled funding concept by EDP.

Before the sale of its holding, EnBW controlled Hidrocantábrico together with the other three shareholders – EDP, the regional Cajastur savings bank and Insurance group Caser. As result of this transaction EDP, EnBW, Cajastur and Caser will terminate their current shareholder agreement and permit EDP to increase its current stake from 39.5% to 95.7% of Hidrocantábrico’s share capital. The total consideration to be paid by EDP within this transaction will be e1.2 billion.

With around five million energy customers and sales of e10.6 billion, EnBW is the third largest energy company in Germany. It plays an active part in shaping the competitive environment and pursues a strategy of customer proximity and innovation. EnBW’s core business areas are electricity, gas and near-energy services. Its operations are organised along the value-added chain extending from generation and trading to transmission/distribution and sales. The company’s electricity generating activities are underpinned by a balanced portfolio. EnBW operates the very high voltage network and major parts of the distribution network in the state of Baden-Württemberg.

The members of Allen & Overy Madrid who worked on this transaction were, among others, Fernando Torrente (corporate partner), Juan Aguayo (corporate senior associate) and Javier Carvajal (corporate senior associate).

For further information, please contact Marcos Torres ( or Fernando Torrente and Javier Carvajal on +34 91 782 99 00 or Jo Shepherd ( in London on +44 (0) 20 7330 2195.

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