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Acciona still seeking deal with Enel over Endesa

Acciona's legal and financial advisors are still working on a possible agreement over the sale of the stake and its board of directors met on Wednesday to share information on the talks, the spokeswoman told Reuters.

Acciona has valued the option it has to sell its 25 percent of Endesa to Enel from March 2010 at about 11.1 billion euros, and is reportedly in talks to exercise the option early in exchange for renewables assets, cash and contracts from Enel.

A source from Acciona said in early February the company would be prepared to accept 8 billion euros in cash and 3 billion in renewables assets for its stake in Endesa.

Enel's purchase would raise its stake in Endesa to 92 percent. Enel and Acciona were partners in taking over the company in 2007.

By 1206 GMT, shares in Enel were up 0.03 percent at 4.3450 euros, while the DJ Stoxx utilities index was up 1.3 percent.

In Madrid, Acciona was up 2.33 percent at 85.50 euros and Endesa was 2.00 percent firmer at 23.45 euros.

"The news is weighing a little on Acciona, but at the end of the day everyone knows that this is practically a done deal, the downside in the stock is limited, and volumes are light today," a Madrid-based equities analysts said.