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Enel - In The Shadow Of The State

机译：Enel-国家的阴影

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An aggressive mover in international markets, and with a lengthening string of acquisitions to its credit, Enel nevertheless remains a creature of the Italian state, as the prospectus for an upcoming bond issue directed at Italian retail investors shows.rnHeading a long list of risk factors for purchasers of the bonds are those connected with the control of Enel by the economics and finance ministry and the special statutory provisions that concern the company.rnThe prospectus notes that in addition to the 21.11% stake that it owns directly the ministry also owns an indirect stake of 10.15% through the Cassa Depositi e Prestiti, a financial institution which it controls via a 70% shareholding.rnEnel does not consider that the ministry influences its strategies and says that the ministry does not manage or coordinate the company's activities. However, as long as it is the main shareholder, the ministry is in a position to determine the decisions taken by shareholders' meetings such as those concerning dividend distribution, share capital increas'es and changes in articles of association. Crucially, the ministry has the prerogative to approve the appointment of the majority of the board of directors.rnWhile active in the market, Enel itself is not at risk to takeover. Legislation enacted in 1994 (Law 474) and 2003 (Law 350) allows the economics and finance ministry, in accord with the industry ministry, to block operations that affect the control of Enel. Moreover, the company's articles of association set a ceiling of 3% on any single shareholding.
机译：正如即将针对意大利散户投资者发行债券的招股说明书所显示的那样，Enel一直是国际市场上的积极进取者，并且其信贷业务不断增加，但仍是意大利国家的产物。债券的购买者是那些与经济和财政部以及有关公司的特殊法律条文对Enel的控制有联系的人。招股说明书指出，除了直接拥有该部的21.11％的股份外，该部还拥有间接的所有权。公司通过其70％的股份控制的金融机构Cassa Depositi e Prestiti持有10.1％的股份。rnEnel认为该部不会影响其战略，并表示该部不会管理或协调公司的活动。但是，只要是主要股东，该部就可以确定股东大会做出的决定，例如有关股息分配，股本增加和公司章程变更的决定。至关重要的是，该部有权批准任命大多数董事会成员。rn虽然活跃于市场，但Enel本身并没有被收购的风险。 1994年（第474号法律）和2003年（第350号法律）制定的立法允许经济和财政部与工业部配合，阻止影响Enel控制的运营。此外，公司的公司章程规定任何单一股权的最高上限为3％。

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    《Power in Europe》 |2007年第513期|11|共1页
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    David Lane;

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