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BUSINESS
February 27, 1999
Spain's biggest power company, Endesa, reversed course and said it has scrapped plans to buy Chile's Enersis, the largest private electrical holding company in Latin America. Endesa said it dropped its bid for Enersis because Enersis shareholders failed to pass a bylaw amendment to increase the maximum percentage of Enersis shares that can be held by one person. Endesa now owns 32% of Enersis' shares. Endesa said it would not call for another vote the issue.
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BUSINESS
February 27, 1999
Spain's biggest power company, Endesa, reversed course and said it has scrapped plans to buy Chile's Enersis, the largest private electrical holding company in Latin America. Endesa said it dropped its bid for Enersis because Enersis shareholders failed to pass a bylaw amendment to increase the maximum percentage of Enersis shares that can be held by one person. Endesa now owns 32% of Enersis' shares. Endesa said it would not call for another vote the issue.
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