/rafael-miranda-robredo_final-08f9ac8dd8164b4ca627ffb96d56589c.png "Who Is Rafael Miranda Robredo? What Is He Known For? 1")
Rafael Miranda Robredo served as CEO of Endesa, one among Spain’s largest electrical utilities. He led the corporate throughout Spain’s deregulation of the electrical energy sector.
Key Takeaways
- Rafael Miranda Robredo is the previous CEO of Spanish electrical utility Endesa.
- After the deregulation of the electrical energy market sector, Robredo acquired different electrical corporations and expanded into Latin America.
- With antitrust points looming and unfavorable circumstances from the Spanish authorities, Robredo his supply to accumulate Spain’s different main electrical firm, Iberdrola.
- Underneath Robredo’s management, Endesa was listed within the Dow Jones Sustainability World Index.
- In 2005, Endesa efficiently defended itself towards Fuel Pure in a hostile takeover.
Alison Czinkota / Investopedia
Early Life and Training
Rafael Miranda Robredo was born in Burgos, Spain in 1949. He graduated from Comillas College in 1973 with an industrial engineering diploma and earned a grasp’s in administration science from the Escuela de Organización Industrial (EOI).
Throughout his early profession, he served in govt administration at Tudor, {an electrical} battery producer, and the Spanish multinational meals model Campofrío. Robredo joined Endesa in 1987, serving as normal supervisor and managing director till he turned the corporate’s CEO in 1997.
Notable Accomplishments
Main Endesa
Earlier than the liberalization of the electrical energy market in 1998, the Spanish authorities imposed a strict regulatory regime and assured income for electrical energy suppliers. In 1998, Spain deregulated the trade and launched plans to denationalise Endesa. These modifications would introduce market competitors and take away the minimal revenue ensures the corporate had loved beforehand.
In preparation for these strikes, Robredo spearheaded a diversification technique. The corporate bought Retevisión, a significant Spanish landline phone operator, in 1997. Between 1997 and 1998, the corporate streamlined its prices, starting a four-year, 36% discount of the corporate’s labor drive and mixing its distribution items to achieve price synergies.
Underneath Robredo’s management, Endesa additionally expanded its attain into Latin America. Main strikes included the acquisition of a 26% share of Enersis, the biggest Latin American utility firm. The corporate additionally developed a presence in Colombia, Brazil, Argentina, and Peru.
In 2000, Endesa was chosen for inclusion within the Dow Jones Sustainability World Index and reappeared on the European Dow Jones Sustainability Index.
Failed Merger With Iberdrola
In 2000, Robredo tried to merge Endesa with Spain’s different dominant electrical utility, Iberdrola. The deal shortly turned entangled in antitrust points. The federal government issued strict circumstances for approving the merger in 2001, which led Robredo to withdraw from the deal and focus Endesa’s technique on continued cost-cutting and worth creation. Such circumstances included promoting off a few of its producing capability permitting new entrants into the market and lowering its market share.
Deregulation and liberalization of different European electrical energy markets in that interval impressed a plan for asset gross sales to capitalize on an growth on the continent however the firm encountered resistance from different European nations.
Enel’s Acquisition of Endesa
After Endesa fended off a hostile public tender supply from Fuel Pure in 2005, E.ON of Germany and two Spanish issues, Enel and Acciona, acquired shares within the agency. Following a sequence of tender affords, fairness swaps, and different maneuverings, Enel and Acciona made a profitable tender supply for the corporate in 2007. Enel ultimately acquired Acciona’s shares in 2009, turning into the corporate’s majority shareholder. Robredo retired as CEO of Endesa in 2009.
How did Rafael Miranda Robredo put together Endesa for the Spanish electrical market deregulation?
To arrange for the inflow of rivals and stay worthwhile after Spain liberalized the electrical utility trade, Robredo acquired different utility corporations, comparable to Spanish landline phone operator Retevisión, and considerably lower prices with layoffs and modifications to its distribution items.
When did Rafael Miranda Robredo act as CEO of Endesa?
Rafael Robredo served as CEO of Endesa, one among Spain’s largest electrical energy suppliers, from 1997 to 2009. He led the corporate by the nation’s deregulation interval, increasing operations in different nations and rising income.
Why did Rafael Robredo withdraw Endesa’s supply to accumulate Iberdrola?
The Spanish authorities imposed strict circumstances on Endesa to merge with Iberdrola. Such circumstances, comparable to lowering its market share, have been to encourage and make potential different corporations to compete. Nonetheless, the circumstances made it cost-prohibitive and compromised the outcomes the settlement was sought to create. Consequently, Robredo withdrew from the deal.
The Backside Line
Robert Miranda Roberdo is a Spanish businessman and former CEO of Endesa, one among Spain’s largest electrical utility corporations. He’s credited for increasing Endesa’s footprint into Latin America and positioning the corporate as an trade chief after Spain’s liberalization of the electrical market. After serving 12 years as CEO, Roberdo retired from Endesa in 2009.