Endesa reduces stake in Red Electrica

20th September 2007, Comments 0 comments

20 September 2007 , MADRID - Spanish power company Endesa said on Thursday it had sold 2.0 percent of power grid operator Red Electrica for EUR 96 million, reducing its stake in the firm to 1.0 percent.

20 September 2007

MADRID - Spanish power company Endesa said on Thursday it had sold 2.0 percent of power grid operator Red Electrica for EUR 96 million, reducing its stake in the firm to 1.0 percent.

The company sold the shares in Red Electrica over the past few months at an average price of EUR 35.33 per share, it said in a statement.

Endesa said it sold 1.35 percent of Red Electrica through a private placement carried out by Citigroup, with the rest of the shares sold on the market.

Under new government rules, power firms are not allowed to own more than 1.0 percent of the power grid operator, Red Electrica said on its Internet site.

In July Iberdrola, Spain's second-biggest electricity provider, sold its entire 3.0 percent stake in Red Electrica.

Shares in Red Electrica fell 1.44 percent to EUR 34.94 in early morning trade while Endesa was virtually unchanged, up 0.02 percent to EUR 40.02.

(Copyright AFP with Expatica)

Subject: Spanish news

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