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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14D-1
TENDER OFFER STATEMENT PURSUANT TO SECTION 14(d)(1) OF
THE SECURITIES EXCHANGE ACT OF 1934
AMENDMENT NO. 24
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 15)
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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 15
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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 15
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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 15
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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 15
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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 15
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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 15
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This Amendment No. 24 amends and supplements the Tender Offer Statement
on Schedule 14D-1 filed on February 25, 1999, as amended and supplemented, 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 602,828,970 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 4. SOURCES AND AMOUNT OF FUNDS.
Duke Capital Corporation and Nationsbank N.A. have agreed that the
borrower under the facility contemplated by the commitment letter from
Nationsbank (described in the U.S. Offer to Purchase, as amended and
supplemented) will be Duke Energy International Chile Limitada, and that the
facility will be guaranteed by Duke Capital Corporation.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS.
EXHIBIT NUMBER DESCRIPTION
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Exhibit (a)(74) Press release issued by Duke on April 20, 1999.
Exhibit (a)(75) Advertisement published by the Purchaser in the Financial
Times on April 21, 1999.
Page 8 of 15
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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: April 21, 1999
DUKE ENERGY INTERNATIONAL, L.L.C.
By: 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: BRUCE A. WILLIAMSON
---------------------------------------------
Name: Bruce A. Williamson
Title: Authorized person
Page 9 of 15
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EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
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Exhibit (a)(74) Press release issued by Duke on April 20, 1999.
Exhibit (a)(75) Advertisement published by the Purchaser in the Financial
Times on April 21, 1999.
Page 10 of 15
EXHIBIT (A)(74)
Page 11 of 15
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April 20, 1999
DUKE ENERGY REITERATES ITS TENDER OFFERS
FOR ACQUIRING 60 PERCENT OF ENDESA
CHARLOTTE -- Duke Energy (NYSE: DUK) has reiterated its tender offers to acquire
60 percent of Empresa Nacional de Electricidad S. A. (Endesa) for 275 Chilean
pesos per share. As required by the process outlined last Friday by Chile's
Superintendencia de Valores y Seguros (Securities and Insurance Commission),
Duke Energy today disclosed that it would maintain its current tender offers for
Endesa.
"Our offers for Endesa represent tremendous value to Endesa shareholders," said
Bruce Williamson, president and chief executive officer of Duke Energy
International. "I want to remind shareholders that because of the higher
percentage of shares Duke Energy continues to offer to purchase, if shareholders
tender their shares to Duke Energy, they will collect significantly more cash
compared to today's announced Enersis offer. I strongly feel that our offer will
create a growing, independent Endesa for the good of Chile."
Duke Energy announced on April 16 it had increased its tender offers for Endesa
in Chile and in the United States to 275 Chilean pesos per share (8,250 pesos
per ADS) and also increased the percentage of the outstanding shares of Endesa
it is offering to purchase in its combined offers from 51 percent to 60 percent.
The company is making the offers through its wholly owned subsidiary, Duke
Energy International, L.L.C. (DEI) in the United States and, in Chile, its newly
formed wholly owned subsidiary, Duke Energy Inversiones Uno Limitada. Duke
Energy reminds Chilean shareholders outside of Santiago that they now have until
Wednesday, April 21, at 14:00 to tender their shares in Duke Energy's Chilean
auction. Chilean shareholders in Santiago have until Thursday, April 22, at noon
to tender their shares. Duke Energy's remate is scheduled to take place on April
29, on the Bolsa Electronica de Chile. Duke Energy's U.S. Offer is presently set
to expire at midnight New York City time on April 29, as announced Friday.
"Chilean shareholders have a short time remaining to tender their shares and
take advantage of the tremendous value the Duke Energy offers represent," said
Williamson. "Duke Energy's tender offers continue to ensure that every Endesa
owner can participate equally and are open to every shareholder at the same
price and on the same terms." Duke Energy also reminds shareholders that it is a
condition of Duke Energy's tender offers that at least 3,680,947,436 shares
(representing 44.88 percent of Endesa's outstanding shares) be tendered in the
Chilean Offer and that this condition may not be met if shareholders tender
their shares in the Enersis remate.
Duke Energy is a global energy company with more than $26 billion in assets.
Headquartered in Charlotte, N.C., the company reaches into more than 50
countries, producing energy, transporting energy, marketing energy and providing
energy services. In the United States, Duke Energy companies provide electric
service to approximately two million customers in North Carolina and South
Carolina; operate interstate pipelines that deliver natural gas to various
regions of the country; and are leading marketers of electricity, natural gas
and natural gas liquids. Additional information about the company is available
on the Internet at: http://www.duke-energy.com.
Page 12 of 15
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CONTACT: BRYANT KINNEY
OFFICE: 704/382-2208
24-HOUR: 704/382-8333
Page 13 of 15
EXHIBIT (A)(75)
Page 14 of 15
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IMPORTANT MESSAGE FOR SHAREHOLDERS
OF EMPRESA NACIONAL DE ELECTRICIDAD S.A.
FROM DUKE ENERGY INTERNATIONAL
LOOK BEYOND FACE VALUE
As you consider the merits of Duke Energy International's offer
for Endesa Chile, it is important to remember that:
Duke Energy will purchase up to 602,828,970 Endesa common shares,
including common shares represented by American Depository Shares
at 8,250 Chilean pesos ($17.25 at the exchange rate on April 20) per ADS.
Duke Energy's offer represents GREATER FULL VALUE for all shareholders
and a commitment to a growing Endesa.
THE U.S. OFFER EXPIRES AT MIDNIGHT
NEW YORK CITY TIME (EST) ON APRIL 29, 1999.
HOW TO TENDER YOUR SHARES:
HARRIS TRUST COMPANY OF NEW YORK
BY MAIL: BY FACSIMILE BY HAND OR
TRANSMISSION: OVERNIGHT COURIER:
WALL STREET STATION (FOR ELIGIBLE 88 PINE STREET
POST OFFICE BOX 1023 INSTITUTIONS ONLY) 19TH FLOOR
NEW YORK, NY 10268-1023 212.701.7636 OR NEW YORK, NY 10005
USA 212.701.7637 USA
[DUKE ENERGY INTERNATIONAL LOGO]
Page 15 of 15
