Endesa is going to be reduced to a mere subsidiary of Enel all decisions wi...

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Borja Prado will continue with the company as long as it is listed on the Stock Market The Italian-Spanish Endesa is on its way to becoming a subsidiary of Enel. The objective of the Rome-based electricity company, which owns 92% of the capital of the company chaired by Borja Prado, is to save costs. The plan fundamentally involves centralizing the business in Italy, which will entail less decision-making power for MadridAs El Confidencial Digital has learned from industry sources, the Italians at Enel are pursuing, with this strategy, centralizing the entire group's business in Rome to save structural costs. "It is a purely economic reason , which leads them to make this decision, in which Endesa will remain a mere subsidiary," explain sources familiar with these movements. Its plan is based mainly on seeking synergies to reduce the company's debt. And that will imply, for example, the transfer of command centers to Italy , which will inevitably reduce Madrid's ability to maneuver and decide.

According to the sources to which ECD has had access , Endesa is going to have to assume its role as a subsidiary , reducing the weight of its administrative structure and assuming a centralization of decisions within the group that will force all managers in Spain to report directly from his superiors in Rome. The latest fiscal adjustment for energy Middle East Mobile Number List sustainability has been decisive in Enel's strategy with Endesa . The Spanish company closed the first half of the year with a drop in profits of 11% year-on-year, mainly due to the stagnation of activity in Spain . Endesa will continue to be listed on the Ibex However, according to the sources consulted, this decision will not imply, for the moment, delisting the 8% of Endesa that is still traded on the Spanish stock market. Enel itself has denied this operation.



Endesa has lost more than half of its stock market value , going from trading at 38.7 euros per share to just over 15 euros per share which, at the same time, makes its exclusion from the stock market cheaper by more than 50% . Borja Prado will continue as president Precisely because of Enel's idea of ​​maintaining Endesa's listing on the Spanish stock market, Borja Prado will continue to head the Spanish division , as confirmed by sources close to the company. However, although, at the moment, the president's position is not in question, his functions may be reduced in the coming months, when Enel and Endesa integrate all corporate powers within the same organization. The airline, which had already announced weeks ago when it presented its restructuring plan that it was going to reduce its capacity , justifies this measure by the need to guarantee its viability, which forces it to cancel the most deficient connections.