LONDON (Dow Jones)--Enel SpA (ENEL.MI) sees annual synergies of more than EUR1 billion by 2012 at Endesa SA (ELE.MC), the Italian company said Wednesday, after successfully securing the Spanish utility in the world's biggest utility takeover.
In a statement, Enel said EUR330 million of yearly savings are part of Endesa's original growth plan before the takeover.
Another EUR698 million of annual savings will come by 2012 from Endesa being part of the Enel and Acciona SA (ANA.MC) fold.
Enel and Acciona took over Endesa in October in a deal valuing the Spanish company at EUR42.5 billion. The acquisition put an end to a bidding war for Endesa that started about two years earlier.