Italy's Enel and Spanish firm Acciona have agreed to offer 41 euros for Spanish utility Endesa, one euro more than a revised offer by Germany's E.ON, Spanish newspaper El Pais said on Monday on its website, according to Reuters.
An Acciona spokesman declined to comment on the report, which came after Spain's stock market regulator said on Friday that Enel and Acciona would not be allowed to bid for Endesa until six months after E.ON's bid lapses.
Separately, Enel and Acciona's potential joint bid for Endesa would see the Spanish builder buying another 4 percent of the Spanish power firm while Enel would buy the remaining 50 percent, a source close to the matter said.
Italy's Enel and Acciona, which together already control 46 percent of the Spanish company, are in advanced talks for a joint counterbid to German power firm E.ON's 41 billion euro ($54.67 billion) offer for Endesa.
Under the plan being discussed, a new vehicle would be set up to control Endesa which would have a stake of 50 percent plus one share, the source said.
Acciona will have 50 percent plus one share in that holding company, and nominate the chairman, who would have two votes on the board, while Enel will propose the CEO, the source said. Any conflicts on strategy will be resolved by bringing them before both companies.
Acciona , which already holds 21 percent of Endesa, will have a put option to sell its stake after three years at the offer price, the source said. Enel either owns or has options on a total of 24.99 percent of Endesa.
No price for the Endesa bid has been set yet, with the companies waiting for E.ON's next move, the source said.
The German company currently has no plans to raise its 38.75 euros per share bid, sources familiar with the matter said on Sunday, a day before a deadline for a higher offer lapses. Enel and Acciona could also consider selling off Endesa Italia to ease antitrust concerns under their plan, the source said.