La Caixa/Endesa Tipping the cap

Rumours that Spanish savings bank La Caixa might buy a 10% stake in Endesa have focused attention on an outrageous by-law in the utility that might conceivably deny its investors a juicy bid offer. The outdated rule stipulates that no investor can vote more than 10% of Endesa’s shares. An E35 per share offer by E.on is conditional on changing this rule. But it will be very hard for E.on do that if La Caixa joins with Endesa’s other Spanish investors to lock the German utility out. Voting caps us...