Spain's government wouldn't object to Spanish utility Endesa SA's (ELE.MC) joint owners Acciona SA (ANA.MC) and Italy's Enel SpA (ENEL.MI) agreeing to split over disagreements about the company, Industry Minister Miguel Sebastian said Tuesday.
"If two companies that are in a joint project don't get along, it's normal that they agree to a friendly separation," Sebastian said on the sidelines of a meeting with businessmen and journalists. "We wouldn't object to it, as long as there is an agreement between the two parties."
Disagreements between Acciona and Enel have emerged in recent months over senior management appointments and other strategic business decisions at Endesa, Spain's second largest power utility by market value. Enel holds 67% of Endesa, while Acciona controls 25%. Both jointly took over Endesa last year.
Sebastian said Spain's government won't intervene in corporate decisions, although it understands that "if a project fails because of a lack of agreement or because of different business cultures, they are fully entitled to reach a friendly separation agreement."
Sebastian said Spain believes the Italian government wouldn't object to it either, although there have been no talks on this subject.
Acciona Monday denied a media report saying it is in talks to sell its 25% stake in Endesa.