(Reuters) – Spanish power utility Endesa plans to buy back shares worth up to 2 billion euros ($2.15 billion) as part of a multi-year plan to return value to shareholders, it said.
Endesa said its parent company, Italy’s Enel, which controls about 70% of its shares, will not participate in the buyback programme and will not sell shares during the timeframe.
The company said it will start buying the outstanding shares on Friday, with a first tranche worth 17.3 million euros.
Endesa follows other Spanish energy companies such as Repsol and Naturgy, who have also recently announced large buyback programmes.
($1 = 0.9287 euros)
(Reporting by Javi West Larrañaga in Gdansk; editing by Inti Landauro and Jan Harvey)
