Iberdrola outs Javier Herrero amid pressure from shareholders

Article Abstract:

Javier Herrero was forced out as Iberdrola SA's chief executive by company shareholders who blamed him for several failed deals. Ignacio Sanchez Galan has been named to replace Herrero.

Executive changes & profiles, Officials and employees, Appointments, resignations and dismissals, Iberdrola S.A., Herrero, Javier, Galan, Ignacio Sanchez

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Endesa plays hardball in effort to achieve goals

Article Abstract:

Empresa Nacional de Electricidad S.A. of Spain continues to struggle for control of Chile's Enersis S.A. Enersis shareholders rejected a bylaw change that would have let Endesa buy another 32% of Enersis, raising Endesa's stake to 64%. Endesa has asked for a recount, saying that the change would have been approved if the ballots of several US mutual funds had been included. However, Endesa said that it would not vote to convene another meeting of Enersis shareholders, and that it would not make a new offer for Enersis if Enersis sold its 25% stake in Empresa Nacional de Electricidad S.A. of Chile.

Comment:

Empresa Nacional de Electricidad S.A. of Spain contnues to struggle for control of Chile's Enersis S.A.

Strategy & planning, Management

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Endesa plans to relaunch bid for control of Enersis

Article Abstract:

Endesa SA announced that it will relaunch its attempt to acquire Enersis SA. Spanish-based Endesa will relaunch a $1.45 billion bid to take control of the Chilean-based Enersis. A Enersis shareholder meeting was scheduled for March 30, 1999. The meeting will discuss a change in a bylaw that would permit Endesa to continue its attempt to acquire Enersis. Enersis will be converted into the main platform for Endesa's Latin American expansion.

Comment:

Endesa to relaunch its $1.45 billion attempt to acquire Enersis SA

Asset sales & divestitures, Acquisitions & mergers, Foreign operations, Mergers, acquisitions and divestments

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