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The take-over of enersis by endesa: the control of privatised utilities



Publishing details

Regulation Initiative Working Paper Series

Publication Year



The takeover of Enersis, the firm controlling most of the privatised electricity industry in Chile, by Ensea, the largest Spainish electricity firm, is analyses as a case of value destruction, consistent with Jensen's free cash flow theory. Agency problems in the biding firm , as well as target strategies, are related to privatsed methods and regulatory regimes. The last stages of protracted control contest are an illutrsation of war of ideas concerning future strategies for large privatised utilities

Publication Research Centre

Regulation Initiative (closed)

Series Number



Regulation Initiative Working Paper Series

Available on ECCH


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