SA News • Nov. 21, 2014
SA News • Sep. 12, 2014
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Nov. 21, 2014, 7:49 AM
- Italy’s Enel (OTCPK:ENLAY) says it has raised €3.13B ($3.9B) from the sale of a large stake in its Spanish power utility subsidiary Endesa (OTC:ELEZF) to institutional and retail investors.
- Enel, Europe's most indebted utility, will sell the stake of up to 22% of Endesa as part of wider plans to raise more than €4B from disposals to help it cut debt and maintain its investment-grade credit ratings.
Sep. 12, 2014, 7:37 AM
- Italy's Enel (OTCPK:ENLAY) has made a binding offer to buy a 60.6% stake in Chile's Enersis (NYSE:ENI) from its own Spanish unit Endesa (OTC:ELEZF) for €8.3B ($10.7B).
- The reorganization is aimed at reducing Endesa's Latin American assets, giving Enel more direct control over them as it tries to reduce debts. It could also help raise Enel's net income by around €70M-80M.
- Following the purchase, Enel proposed that Endesa distribute an extraordinary cash dividend to shareholders equal to the value of the sale.
Apr. 7, 2014, 10:25 AM
- Cheniere Energy (LNG +0.4%) and Endesa (ELEZF) sign another 20-year sale and purchase agreement for liquefied natural gas from LNG's planned export facility being developed near Corpus Christi, Tex.
- Endesa will purchase ~750M metric tons/year of gas in addition to last week's announcement that the Spanish utility would purchase 1.5M metric tons/year, to bring the total quantity sold to Endesa to ~2.25M.
- The Corpus Christi Liquefaction Project is being designed and permitted for up to three trains, with aggregate design production capacity of 13.5M metric tons/year of LNG.
Apr. 2, 2014, 8:20 AM
- Cheniere Energy (LNG) +1.7% premarket on news that Spanish energy company Endesa (ELEZF) agrees to purchase ~1.5M tons/year of liquefied natural gas from the company's planned Corpus Christi export operations.
- The agreement is for 20 years from the first commercial delivery, with an option for an extension of as many as 10 years; deliveries are expected to start as soon as 2018.
- Endesa is the planned export operation's second foundation customer; the project is being designed with a total production capacity of 13.5M tons/year.
- Deutsche Bank raises its price target on LNG shares to $67 from $57 on the news, noting the contract represents ~33% of the volume from the first liquefaction train expected to be built at Corpus Christi.
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ELEZF vs. ETF Alternatives
Endesa, S.A. generates, distributes, and trades electricity in Spain, Italy, France, Portugal, North Africa, and Latin America. The Company distributes natural gas, operates co-generation plants, and treats and distributes water.
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