E.ON AG v. Acciona, S.A.
United States District Court for the Southern District of New York
468 F. Supp. 2d 537, Fed. Sec. L. Rep. (CCH) ¶ 94129 (2006)

- Written by Rich Walter, JD
Facts
Both the German company E.ON AG (plaintiff) and the Spanish company Acciona, S.A. (defendant) had recently tendered offers to buy shares of stock in Endesa, S.A., Spain’s largest electric company. The Spanish government was prepared to use all legal means to ensure that Endesa remained in Spanish hands. E.ON sought an injunction to block Acciona’s takeover bid. An American federal district court had jurisdiction to hear E.ON’s suit because much of Endesa’s stock consisted of American depositary shares traded on the New York Stock Exchange. E.ON argued that errors in Acciona’s Schedule 13D filings put Acciona in violation of § 13(d) of the Securities Exchange Act of 1934, as amended by the Williams Act. Acciona moved for dismissal on the grounds that E.ON lacked standing to enforce § 13(d).
Rule of Law
Issue
Holding and Reasoning (Cote, J.)
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