Endesa’s future, strategy and management team are at a crossroads. From where? 70.14% of the shares belong to the Italian company Enel. The coming to power of Giorgia Meloni in Italy brought about expected changes in the leadership of State-owned companies in that country. InsideThe Italian electricity company, of which the Italian Ministry of Economy controls 23.6%, is immersed in a change in its leadership and Board of Directors. He was the first downed CEO, Francesco Staracehe is also the vice president of Endesa.
At Endesa’s shareholders meeting on April 28, no significant changes are planned in the board of directors anymore. They deny the biggest of the company. Among them is speculation that Enel commissioned an Italian bounty hunter to find a replacement. Jose Damian Bogas (Madrid, 1955) as the CEO of the electricity company who prepared his speech before the board of directors. The future of Endesa’s president, who has no executive power, is also unknown, Juan Sanchez-Calero.
In the end, any decision affecting Spain will be made in Rome. As the powerful men of the new Enel will become a historical businessman, Paolo Scaroni current president of Milan football club, CEO of Enel at the beginning of the decade and former CEO of the oil company width. will be CEO Flavio CattaneoFormer chairman of the Italian electricity distribution company shortlistedrelated to Telecom and its director RAI. “It’s not going to be the end of the world,” Bogas said in a recent presentation of results, when asked to replace his supporter, Starace, and who promoted him to his current position.
The history of Endesa in Enel’s hands has been the history of strict and prudent dismantling. headed by borja pradoEndesa, the strongman who was placed in Spain by the Italians in 2010, gradually divested the Latin American company promoted by its former president and passed directly to Enel. Rodolfo Martin Villa and previous CEO Rafael Miranda, since it was fully privatized by his Government José Maria Aznar at the end of the last century.
Endesa has been at the center of Spanish business history since its founding as an association of various regional energy companies. In 2000, government requirements prevented its merger with Iberdrola, and it was the subject of one of the most intense corporate fights in Spanish history from September 2005 to April 2007. Hostile takeover bid initiated by Natural gas -Today improvisation– undeveloped at a price of 21.3 euros per share. The president of Endesa at that time, Manuel Pizarro, with the Constitution in hand, began the Numantine defense of the company. Supported by senior PP officials such as the head of the Madrid community Hope AguirreHe thought Gas was a tool of the government shoemaker and the Generalitat to strengthen the group’s power caixa, the main shareholder of the gas company. both are german ageSpanish company offering 27.5 euros per share, trigger and Italian Enel, who eventually joined the company controlled by the Entrecanales family.
On April 11, 2007, Acciona and Enel bought 92% of Endesa for 41.35 Euros. They’re valuing the Spanish power company at 43,726 million. That month, Iberdrola was worth 45,000 million. Today, Endesa is worth 20,700 million, Iberdrola 74,200 and Naturgy 27,100 in the stock market. Enel bought Acciona’s stake and remained at 92%, which would drop to 70.14% in 2014. The Italian company is worth 60,000 million on the stock market.
In 2022, Enesa contributed 23% (32,896 million) of Enel’s sales (140,000 million) and 26% (5,565 million) of its operating result (19,900 million). Latin America represents 15% of Enel’s turnover and 33% of its results. It announced that it would dispose of 12,000 million in America to reduce its 60,000 million debt. In 2022, Endesa distributed 1.532 million dividends.
British fund this week the buckets, controlling about 3% of the Italian company, called for a revolution in its management. He suggested new directors, including Spaniards. Pauline Beatosenior business representative in their government Philip Gonzalezand economist Daniel Lacalle, close to PP. Currently, one of the best-known Italian economists close to social democratic assumptions sits on Enel’s board of directors: Mariana Mazzucato.
With 9,200 employees and 10.5 million customers in the Iberian Peninsula, Endesa continues to be the leading brand in electricity distribution in Spain. There are five representatives of Enel in the board of directors, which consists of twelve members. The power company is undergoing a transformation by reducing reliance on conventional generation, including nuclear power. Enel Green Powerhas 60% of renewable energy. Another of its challenges is investing in electric mobility. In February, he blew up a chimney with 265 kilos of explosives as a symbol in Andorra (Teruel).
Enel’s future in Endesa also includes politics. Trade relations between the two countries have gotten closer in recent years, and there are pieces at stake. Inside abertisinfrastructure services manager, share capital Atlantis (family Benetton) with one more transaction and hot watercontrolled by florentino perez; And CellnexThe Benettons own 8.2%. Pedro Sanchez and Giorgia Meloni have already met.