The world's largest private power and gas company, E.ON, has hired the HSBC Group as sole adviser in its bid for Spain's largest electricity company, Endesa.

The German company E.ON has offered €29.1 billion (Lm12.5 billion) for Endesa and, if the bid is successful, it will represent the largest global utilities M&A (mergers and acquisitions) transaction since 1995. Excluding debt, it is the second biggest cash-only deal of all time, and the biggest ever in Europe.

The HSBC Group's global markets business ranks among the largest in the world. Operating through 86 treasury sites in more than 56 countries and territories, with more than 3,600 dealing and support staff, the business combines sophisticated 24-hour global coverage and detailed knowledge of local markets.

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