Endesa receives new takeover bid

Endesa has been the subject of a drawn-out bidding battle

Italian energy firm Enel and Spanish construction firm Acciona have launched a bid for Spanish power firm Endesa.

The two companies are to bid 43.7bn euros ($58.7bn; £29bn) for Endesa, Spain's stock market regulator said.

The 41.3 euro-per-share offer had been expected after a rival bid by German firm E.On collapsed last week.

Endesa has declined to comment on the latest move by Enel and Acciona - who already control a 46% stake in Endesa - in what has become a drawn-out process.

Enel and Acciona have been building up their share in Endesa over recent months.

Favouritism?

E.On launched its takeover attempt in February 2006, but last week withdrew its 42.3bn-euro offer for Endesa.

The German firm said it did not believe its offer would be successful, but said it had reached a deal with Enel and Acciona to split up Endesa's assets.

If the bid from Enel and Acciona is successful, E.On is set to acquire Endesa assets worth 10bn euros.

The battle to buy Endesa has been controversial, with the Spanish authorities being accused of favouritism.

Critics have said Madrid has attempted to stop Endesa from being acquired by a foreign firm.

Last month, the European Commission said it was taking legal action against Spain for interfering in E.On's bid.

EU regulators complained about conditions the Spanish government had imposed on the German firm to buy Endesa, saying they violated European competition rules.