Rafael Miranda Robredo served as CEO of Endesa, for sure one among Spain’s largest electric utilities. He led the company right through Spain’s deregulation of {the electrical} power sector.
Key Takeaways
- Rafael Miranda Robredo is the former CEO of Spanish electric software Endesa.
- After the deregulation of {the electrical} power market sector, Robredo purchased other electric firms and expanded into Latin The united states.
- With antitrust issues looming and unfavourable necessities from the Spanish government, Robredo his offer to acquire Spain’s other major electric company, Iberdrola.
- Beneath Robredo’s control, Endesa used to be as soon as listed throughout the Dow Jones Sustainability World Index.
- In 2005, Endesa successfully defended itself in opposition to Gas Natural in a antagonistic takeover.
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Early Life and Training
Rafael Miranda Robredo used to be as soon as born in Burgos, Spain in 1949. He graduated from Comillas School in 1973 with an industrial engineering degree and earned a seize’s in keep watch over science from the Escuela de Organización Industrial (EOI).
Right through his early career, he served in executive keep watch over at Tudor, {{an electrical}} battery manufacturer, and the Spanish multinational foods brand Campofrío. Robredo joined Endesa in 1987, serving as standard manager and managing director until he became the company’s CEO in 1997.
Notable Accomplishments
Major Endesa
Forward of the liberalization of {the electrical} power market in 1998, the Spanish government imposed a strict regulatory regime and confident source of revenue for electric power providers. In 1998, Spain deregulated the business and introduced plans to privatize Endesa. The ones changes would introduce market festival and remove the minimum get advantages guarantees the company had liked previously.
In preparation for the ones moves, Robredo spearheaded a diversification methodology. The company purchased Retevisión, a vital Spanish landline telephone operator, in 1997. Between 1997 and 1998, the company streamlined its costs, beginning a four-year, 36% aid of the company’s hard work force and combining its distribution units to reach price synergies.
Beneath Robredo’s control, Endesa moreover expanded its succeed in into Latin The united states. Major moves included the purchase of a 26% share of Enersis, the largest Latin American software company. The company moreover complicated a presence in Colombia, Brazil, Argentina, and Peru.
In 2000, Endesa used to be as soon as determined on for inclusion throughout the Dow Jones Sustainability World Index and reappeared on the Eu Dow Jones Sustainability Index.
Failed Merger With Iberdrola
In 2000, Robredo attempted to merge Endesa with Spain’s other dominant electric software, Iberdrola. The deal in short became entangled in antitrust issues. The government issued strict necessities for approving the merger in 2001, which led Robredo to withdraw from the deal and focal point Endesa’s methodology on persisted cost-cutting and value introduction. Such necessities included selling off a couple of of its generating capacity allowing new entrants into {the marketplace} and lowering its market share.
Deregulation and liberalization of other Eu electric power markets in that period inspired a plan for asset product sales to capitalize on a variety on the continent alternatively the company encountered resistance from other Eu global places.
Enel’s Acquisition of Endesa
After Endesa fended off a antagonistic public smooth offer from Gas Natural in 2005, E.ON of Germany and two Spanish concerns, Enel and Acciona, purchased shares throughout the corporate. Following a series of smooth offers, equity swaps, and other maneuverings, Enel and Acciona made a a luck smooth offer for the company in 2007. Enel in the long run purchased Acciona’s shares in 2009, changing into the company’s majority shareholder. Robredo retired as CEO of Endesa in 2009.
How Did Rafael Miranda Robredo Get in a position Endesa for the Spanish Electric Market Deregulation?
To prepare for the influx of festival and keep a success after Spain liberalized {the electrical} software business, Robredo purchased other software firms, paying homage to Spanish landline telephone operator Retevisión, and significantly cut back costs with layoffs and changes to its distribution units.
When Did Rafael Miranda Robredo Act as CEO of Endesa?
Robredo served as CEO of Endesa, for sure one among Spain’s largest electric power providers, from 1997 to 2009. He led the company during the country’s deregulation period, expanding operations in numerous global places and extending source of revenue.
Why Did Rafael Robredo Withdraw Endesa’s Offer to Reach Iberdrola?
The Spanish government imposed strict necessities on Endesa to merge with Iberdrola. Such necessities, paying homage to lowering its market share, were to encourage and make imaginable other firms to compete. On the other hand, the must haves made it cost-prohibitive and compromised the effects the agreement used to be as soon as sought to create. As a result of this, Robredo withdrew from the deal.
The Bottom Line
Rafael Miranda Robredo is a Spanish businessman and former CEO of Endesa, for sure one among Spain’s largest electric software firms. He is credited for expanding Endesa’s footprint into Latin The united states and positioning the company as an business leader after Spain’s liberalization of {the electrical} market. After serving 12 years as CEO, Robredo retired from Endesa in 2009.
