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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14D-1
TENDER U.S. OFFER STATEMENT PURSUANT TO SECTION 14(d)(1) OF
THE SECURITIES EXCHANGE ACT OF 1934
AMENDMENT NO. 5
Empresa Nacional de Electricidad S.A.
(Name of Subject Company)
Duke Energy International, L.L.C.
Duke Energy Corporation
(Bidders)
Common Stock, no par value
(including that represented by
American Depositary Shares) 29244T101
(Title of Class of Securities) (CUSIP Number of Class of Securities)
Carol Graebner, Esq.
General Counsel
Duke Energy International, L.L.C.
5400 Westheimer Court
Houston, Texas 77056-5310
Telephone: (713) 627-6542
Facsimile: (713) 627-5219
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications on Behalf of Bidders)
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Copy to:
Frederick S. Green, Esq.
Ellen J. Odoner, Esq.
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, New York 10153-0119
Telephone: (212) 310-8000
Facsimile: (212) 310-8007
(Continued on following pages)
(Page 1 of 13)
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1 NAME OF REPORTING PERSONS: Duke Energy International, L.L.C.
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S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSONS: 56-2051206
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) OR 2(f) N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: State of Delaware
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7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0
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8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES N/A
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9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7) N/A
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10 TYPE OF REPORTING PERSON OO
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Page 2 of 13
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1 NAME OF REPORTING PERSONS: Duke Energy Global Asset Development, Inc.
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S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSONS: 88-0366429
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) OR 2(f) N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: State of Navada
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7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0
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8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES N/A
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9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7) N/A
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10 TYPE OF REPORTING PERSON CO
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Page 3 of 13
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1 NAME OF REPORTING PERSONS: Duke Energy Services, Inc.
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S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSONS: 48-0650320
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) OR 2(f) N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: State of Delaware
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7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0
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8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES N/A
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9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7) N/A
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10 TYPE OF REPORTING PERSON CO
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Page 4 of 13
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1 NAME OF REPORTING PERSONS: PanEnergy Corp.
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S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSONS: 74-2150460
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) OR 2(f) N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: State of Delaware
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7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0
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8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES N/A
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9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7) N/A
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10 TYPE OF REPORTING PERSON CO
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Page 5 of 13
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1 NAME OF REPORTING PERSONS: Duke Capital Corporation
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S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSONS: 51-0282142
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: BK, WC,OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) OR 2(f) N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: State of Delaware
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7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0
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8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES N/A
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9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7) N/A
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10 TYPE OF REPORTING PERSON CO
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Page 6 of 13
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1 NAME OF REPORTING PERSONS: Duke Energy Corporation
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S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSONS: 56-0205520
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) OR 2(f) N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: State of North Carolina
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7 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0
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8 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (7) EXCLUDES
CERTAIN SHARES N/A
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9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7) N/A
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10 TYPE OF REPORTING PERSON CO
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Page 7 of 13
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This Amendment No. 5 amends and supplements the Tender Offer Statement
on Schedule 14D-1 filed on February 25, 1999, as amended, by Duke Energy
International, L.L.C., a Delaware limited liability company (the "Bidder") and a
wholly-owned, indirect subsidiary of Duke Energy Corporation, a North Carolina
corporation ("Duke"), with respect to the offer by Bidder to purchase for cash
up to 501,947,400 shares of Common Stock, no par value (the "Shares"), of
Empresa Nacional de Electricidad S.A. (the "Company"), a publicly traded stock
corporation (sociedad anonima abierta) incorporated under the laws of the
Republic of Chile, including Shares represented by American Depositary Shares,
each representing 30 Shares and evidenced by American Depositary Receipts.
Item 11. Material to Be Filed as Exhibits.
Exhibit Number Description
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Exhibit (a)(22) English translation of a brochure placed on
the Internet page of Banchile Corredores de Bolsa
(short version) (Corrected copy).
Page 8 of 13
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SIGNATURES
After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: March 15, 1999
DUKE ENERGY INTERNATIONAL, L.L.C.
By: /s/ BRUCE A. WILLIAMSON
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Name: Bruce A. Williamson
Title: President and Chief Executive
Officer
DUKE ENERGY CORPORATION
DUKE ENERGY GLOBAL ASSET DEVELOPMENT, INC.
DUKE ENERGY SERVICES, INC.
PANENERGY CORP.
DUKE CAPITAL CORPORATION
By: /s/ BRUCE A. WILLIAMSON
---------------------------------
Name: Bruce A. Williamson
Title: Authorized person
Page 9 of 13
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EXHIBIT INDEX
Exhibit Number Description
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(a)(22) English translation of a brochure placed on the
Internet page of Banchile Corredores de Bolsa (short
version) (Corrected copy).
Page 10 of 13
Exhibit (a)(22)
Page 11 of 13
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Translation of Internet Page
Summary
OFFER TO PURCHASE ENDESA SHARES
Duke Energy International LLC has stated its intent of purchasing 51% of the
shares of Endesa S.A. With this purpose it has offered to purchase in Chile a
total of 3,680,947,436 shares at a price of Ch$ 250 per share. This price is 19%
higher than the price for the shares on March 1, 1999 and is 50% higher than the
average price that the share had during the month of November 1998 before the
intent of Duke to take of control was announced.
Duke Energy International is a subsidiary company of Duke Energy Corporation, a
company with activities in more than 50 countries, in the areas of production,
commercialization and transportation of energy. Its stock exchange value is
23,000 millions of dollars, with assets valued at 26,806 millions of dollars. In
1998 it obtained net profits equal to 1,252 millions of dollars.
Banchile has been the Stock Exchange Broker hired by Duke International to
manage the commercial and operative aspects of the PSO, receiving the sales
orders from the Chilean shareholders and carrying out to this effect the
purchase of the shares through the auction on a stock exchange in Chile.
The date of the auction shall be informed further on. Nevertheless, it
is assumed that it would take place on the last days of April.
Reception of Sales Orders
The shareholders who wish to sell their Endesa shares in the aforementioned
auction, must have previously signed a sales order.
The reception of sales orders is taking place as of March 4, 1999, and will end
at 12 hours of the fifth stock exchange working day prior to the auction.
The sales order is revocable up to 18 hours of the second stock exchange
working day prior to the auction.
Essential Conditions of the Offer
The offer is made under the condition that the next Extraordinary Shareholders
Meeting of Endesa, to take place on April 8, approves the increase in the
maximum ownership concentration level, which presently is fixed in 26% up to
65%.
Page 12 of 13
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Also, the offer is subject to the condition that there be sales offers received
in Chile for at least 3,680.9 million shares.
Prorate System
In the event that the total number of shares that are offered for sale at the
auction is higher [than the number] offered to purchase, this [auction] shall be
carried out at a prorate. This system guarantees fairness conditions for all
shareholders, regardless of the total number of shares they may own.
More details on the transaction as well as other conditions for the auction to
take place, are on the Notice of Purchase Offer of Shares of Empresa Nacional de
Electricidad S.A. in Auction, published on the El Mercurio newspaper, on
February 25, 1999 and which you can find on the internet page www.banchile.cl
Page 13 of 13
