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Rafael Miranda Robredo

Rafael Miranda Robredo

Rafael Miranda Robredo filled in as CEO of Endesa, perhaps of Spain's biggest electric utility. He drove the company during Spain's deregulation of the electricity sector.

Early Life and Education

Rafael Miranda Robredo was brought into the world in Burgos, Spain in 1949. He graduated from Comillas University in 1973 with an industrial engineering degree and earned an expert's in management science from the Escuela de Organizaci\u00f3n Industrial (EOI).

During his initial career, he served in executive management at Tudor, an electrical battery manufacturer, and the Spanish multinational food brand Campofr\u00edo. Robredo joined Endesa in 1987, filling in as senior supervisor and overseeing director until he turned into the company's CEO in 1997.

Outstanding Accomplishments

Leading Endesa

Before the liberalization of the electricity market in 1998, the Spanish government forced a severe regulatory system and guaranteed profits for electricity providers. In 1998, Spain deregulated the industry and acquainted plans with privatize Endesa. These changes would present market competition and eliminate the base profit guarantees the company had delighted in already.

In anticipation of these moves, Robredo spearheaded a diversification strategy. The company purchased Retevisi\u00f3n, a major Spanish landline telephone operator, in 1997. Somewhere in the range of 1997 and 1998, the company streamlined its costs, beginning a four-year, 36% reduction of the company's labor force and consolidating its distribution units to gain cost synergies.

Under Robredo's leadership, Endesa additionally expanded its venture into Latin America. Major moves included the purchase of a 26% share of Enersis, the biggest Latin American utility company. The company likewise developed a presence in Colombia, Brazil, Argentina, and Peru.

In 2000, Endesa was chosen for inclusion in the Dow Jones Sustainability World Index and returned on the European Dow Jones Sustainability Index.

Failed Merger With Iberdrola

In 2000, Robredo endeavored to merge Endesa with Spain's other predominant electric utility, Iberdrola. The deal immediately became ensnared in antitrust issues. The government issued severe conditions for endorsing the merger in 2001, which drove Robredo to pull out from the deal and spotlight Endesa's strategy on proceeded with cost-cutting and value creation. Such conditions included selling off a portion of its generating capacity permitting new participants into the market and decreasing its market share.

Deregulation and liberalization of other European electricity markets in that period enlivened a plan for asset sales to capitalize on an expansion on the landmass yet the company experienced resistance from other European nations.

Enel's Acquisition of Endesa

After Endesa fended off a hostile public tender offer from Gas Natural in 2005, E.ON of Germany and two Spanish worries, Enel and Acciona, acquired shares in the firm. Following a series of tender offers, equity swaps, and other maneuverings, Enel and Acciona made an effective tender offer for the company in 2007. Enel at last acquired Acciona's shares in 2009, turning into the company's majority shareholder. Robredo retired as CEO of Endesa in 2009.

The Bottom Line

Rafael Miranda Robredo is a Spanish finance manager and former CEO of Endesa, perhaps of Spain's biggest electric utility company. He is credited for extending Endesa's footprint into Latin America and situating the company as an industry leader after Spain's liberalization of the electric market. In the wake of serving 12 years as CEO, Robredo retired from Endesa in 2009.

Features

  • In 2005, Endesa effectively defended itself against Gas Natural in a hostile takeover.
  • With antitrust issues approaching and unfavorable conditions from the Spanish government, Robredo his offer to get Spain's other leading electric company, Iberdrola.
  • Rafael Miranda Robredo is the former CEO of Spanish electric utility Endesa.
  • After the deregulation of the electricity market sector, Robredo acquired other electric companies and expanded into Latin America.
  • Under Robredo's leadership, Endesa was listed in the Dow Jones Sustainability World Index.

FAQ

When Did Rafael Miranda Robredo Act as CEO of Endesa?

Robredo filled in as CEO of Endesa, one of Spain's biggest electricity providers, from 1997 to 2009. He drove the company through the country's deregulation period, extending operations in different countries and expanding profits.

How Did Rafael Miranda Robredo Prepare Endesa for the Spanish Electric Market Deregulation?

To plan for the deluge of contenders and stay profitable after Spain changed the electric utility industry, Robredo acquired other utility companies, for example, Spanish landline telephone operator Retevisi\u00f3n, and altogether cut costs with cutbacks and changes to its distribution units.

For what reason Did Rafael Robredo Withdraw Endesa's Offer to Acquire Iberdrola?

The Spanish government forced severe conditions on Endesa to converge with Iberdrola. Such conditions, for example, decreasing its market share, were to energize and make conceivable different companies to contend. Be that as it may, the conditions made it cost-restrictive and compromised the results the agreement was tried to make. Accordingly, Robredo pulled out from the deal.