Italian power utility Enel SpA (ENEL.MI) would have to pay Spain's Acciona SA (ANA.MC) EUR11.07 billion if it wants to acquire the Spanish utility's 25% stake in Endesa SA (ELE), Expansion reports Wednesday.
Enel and Acciona took over Madrid-based Endesa last year. As part of their joint bid Enel granted Acciona the put option to sell its stake in Endesa to the Italian firm from 2010. Enel holds 67% in Endesa.
The amount Enel would have to pay for Acciona's stake in Endesa will be adjusted by the Euribor plus 0.85% over time, Expansion reports.
Acciona and Enel have had disagreements in recent months over senior management appointments and other strategic business decisions at Endesa.