Enel denies bid for Acciona's Endesa stake

By Sonya Dowsett and Stephen Jewkes

MADRID/MILAN (Reuters) - Italian energy group Enel SpA (ENEI.MI) denied a media report it had offered Acciona (ANA.MC) 12 billion euros ($15 billion) for the Spanish builder's 25 percent stake in Endesa (ELE.MC).

"The report is groundless," an Enel spokesman said on Thursday, after the report boosted Endesa and Acciona shares on speculation of an early split of the Enel and Acciona alliance.

El Mundo newspaper cited sources close to the negotiations as saying Enel had initiated talks with Spanish builder Acciona over buying its stake in the Spanish utility.

Acciona, which owes around 9 billion euros for the Endesa purchase, said it had not received an offer from Enel. Endesa declined to comment.

Enel and Acciona bought 92 percent of Endesa in 2007 for 42.5 billion euros after a marathon takeover battle that fended off a rival approach from Germany's E.ON (EONGn.DE).

The deal included a put option that allows Acciona to sell out to Enel after three years. The put option is currently valued at around 11 billion euros, according to analysts.

Shares in Endesa rose as minority shareholders contemplated a potential full offer for the utility at the put option strike price of around 41 euros per Endesa share.

Endesa shares were up 5.4 percent at 25.57 euros at 1019 GMT, while Acciona jumped 10.2 percent to 79.6 euros. Enel was down 0.61 percent at 4.5 euros.  Continued...