Italian power utility Enel SpA (ENEL.MI) is at odds with Spanish infrastructure and energy company Acciona SA (ANA.MC) over what stake each will get in a new renewables company to be formed from assets of Spanish utility Endesa SA (ELE.MC), the Cinco Dias business daily said Wednesday.
Enel holds 67% in Endesa and Acciona another 25% after the two companies in 2007 had taken over the Spanish utility.
Acciona after internal calculation claims to hold 70% in the new renewable energy company, which sources close to Enel consider "absurd," Cinco Dias said.
JPMorgan and Mediobanca are advising Endesa on the plans for the renewables company, while Santander and Lazard are advising Acciona on the same issue, the newspaper said.
Enel and Acciona recently have had disagreements on other issues regarding Endesa as well. Enel Chief Executive Fulvio Conti in May said he would like to name one or two more senior executives at Endesa, after Acciona unilaterally appointed three senior executives at Endesa without consulting first with Enel.
Acciona Chairman Jose Manuel Entrecanales is chairman at both Acciona and Endesa.
Spain's government, during a 2005-2007 bidding war for Endesa supported bids from Spanish companies and tried to block a bid from Germany's E.ON AG (EON), sparking a conflict with the European Commission.