The surprise disclosure of Endesa's (ELE.MC) targets for 2012 late Wednesday mirrors the widening rift between its controlling shareholders, Spain's Acciona SA (ANA.MC) and Italy's Enel SpA (ENEL.MI), local dailies El Mundo and El Economista report Thursday.
The dispute between Endesa's Italian and Spanish owners has grown due to disagreements over strategic and management issues, according to the reports. Endesa said late Thursday its new targets still require board clearance, and that the plan was released because of Enel's imminent disclosure of its own industrial plan.
The Spanish electricity giant said it expects earnings before interest, taxes, depreciation and amortization to rise close to 9% annually and reach EUR9.49 billion by 2012, backed by double-digit profit growth.