E.ON increases bid for Endesa to $53billion

German firm E.ON AG raised its bid for Spain’s largest electricity firm Endesa SA, to $53bn as it delivered its final bid in a more than year-long takeover saga. The Germany Company said its new offer includes a premium that is slightly more than double Endesa’s closing share price on Sept. 2, 2005, the last trading day before Barcelona-based Gas Natural started the bidding battle with a cash and stock offer that valued the company. Duesseldorf-based E.On had previously offered 36.5 billion euros ($47.5 billion). It was left alone in the race for Endesa, as Spanish rival Gas Natural SA withdrew its bid. A successful takeover would create a global energy giant with more than 100,000 workers and more than 50 million customers in Europe and Latin America. E.On shares closed up 3.6 percent at 109.43 euros ($142.53) in Frankfurt before the value of its final bid was announced Friday evening. In Madrid, shares in Endesa rose 1.6 percent to 39.04 euros ($50.58).