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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. 17
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 14)
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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 14
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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 14
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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 14
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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 14
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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 14
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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 14
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This Amendment No. 17 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 10. ADDITIONAL INFORMATION.
(f) At a meeting of the Company's shareholders held on April 8, 1999
(the "Shareholder Meeting"), the shareholders of the Company approved the Bylaw
Amendments which increase the percentage of Shares that a single shareholder (or
group of shareholders) may beneficially own and vote in the Company from 26% to
65% of the outstanding Shares of the Company.
Following the Shareholder Meeting, Duke announced that, provided the
other conditions to the Offers are satisfied or modified, it will hold the
Chilean Auction (or remate) on April 22, 1999. The Chilean Auction will be
conducted on the Bolsa Electronica de Chile, the Chilean Electronic Stock
Exchange, and not on the Santiago Stock Exchange as previously stated.
The Expiration Date of the U.S. Offer, which was scheduled for 12:00
midnight, New York City time, on Friday, April 9, 1999, is hereby extended to
12:00 midnight, New York City time, on Friday, April 23, 1999, unless the U.S.
Offer is further extended. A copy of a press release issued by Duke on April 8,
1999 announcing, inter alia, the extension of the Expiration Date is filed as
Exhibit (a)(47) to this Schedule 14D-1 and is incorporated herein by reference.
Based on information provided by the receiving agents for the Offers,
as of midnight on April 7, 1999, approximately 30 million Shares, including
those represented by ADSs, had been tendered pursuant to the U.S. Offer. An
additional 273 million Shares had been tendered pursuant to the Chilean Offer.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS.
EXHIBIT NUMBER DESCRIPTION
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Exhibit (a)(47) Press release issued by Duke, dated April 8, 1999,
announcing the results of the meeting of the Company's
shareholders, setting forth the date of the Chilean Auction
and announcing the extension of the Expiration Date of the
U.S. Offer.
Page 8 of 14
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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 9, 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
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Name: Bruce A. Williamson
Title: Authorized person
Page 9 of 14
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EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
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Exhibit (a)(47) Press release issued by Duke, dated April 8, 1999,
announcing the results of the meeting of the Company's
shareholders, setting forth the date of the Chilean Auction
and announcing the extension of the Expiration Date of the
U.S. Offer.
Page 10 of 14
EXHIBIT (A)(47)
Page 11 of 14
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APRIL 8, 1999 CONTACT: BRYANT KINNEY
OFFICE: 704/382-2208
24-HOUR: 704/382-8333
EMPRESA NACIONAL DE ELECTRICIDAD S.A. SHAREHOLDERS APPROVE BYLAW AMENDMENT
INCREASING MAXIMUM SHAREHOLDER OWNERSHIP TO 65 PERCENT
DUKE ENERGY ACHIEVES MAJOR MILESTONE IN PROPOSED ACQUISITION - EXTENDS
EXPIRATION TIME OF U.S. TENDER OFFER
CHARLOTTE - Duke Energy (NYSE: DUK) has achieved a major milestone in its tender
offers to acquire 51 percent of Empresa Nacional de Electricidad S.A. (Endesa)
through its wholly owned subsidiary, Duke Energy International (DEI). Today,
Endesa's shareholders voted to increase the company's shareholder concentration
limit from 26 percent to 65 percent - a necessary precondition to DEI's tender
offers.
The amendment received support of Endesa shareholders holding 82.4 percent of
Endesa's shares at an extraordinary shareholders' meeting held in Santiago,
Chile.
"We believe the shareholders of Endesa have demonstrated that they are clearly
focused on building a strong future for their company. Today's positive vote is
a win for Endesa, a win for its shareholders, a win for its employees and a win
for Duke Energy," said Bruce Williamson, president and chief executive officer,
Duke Energy International. "We view this as a vote of
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Page 12 of 14
<PAGE>
confidence in Duke Energy's vision for Endesa as well as a vote of support for
the value of our offer. DEI has committed to growing its business in Latin
America through Endesa. And, DEI has the financial strength, leadership and will
to succeed."
Duke Energy announced on February 18, 1999, its tender offers to acquire 51
percent of the shares of Endesa. The company agreed to purchase up to
3,680,947,436 Endesa shares for 250 Chilean pesos per share in cash in an offer
open to Chilean persons (the "Chilean Offer"). Concurrently, DEI offered to
purchase up to 501,947,400 Endesa shares, including shares represented by
Endesa's American Depositary Shares (ADS) for 250 Chilean pesos per share
(equivalent to 7,500 Chilean pesos per ADS) in cash, in an offer open to U.S.
persons and other non-Chileans (the "U.S. Offer").
Now that shareholders have approved the increase in the concentration limit, and
provided the other conditions to Duke Energy's offers are satisfied or modified,
Duke Energy International will conduct the Chilean Offer through an auction (or
"remate") to be held on the Bolsa Electronica de Chile (not on the Santiago
Stock Exchange as previously announced). The remate will be held on April 22,
1999.
"We have structured our tender offers to ensure that every Endesa owner can
participate equally," said Williamson. "Duke Energy International's offers are
open to every shareholder at
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Page 13 of 14
<PAGE>
the same fair price and on the same terms. We look forward to being successful
with our tender offers and begin working immediately to make the Endesa-Duke
Energy International partnership the premier generating company in South
America."
Duke Energy also announced that DEI will amend its U.S. Offer such that the U.S.
Offer (including withdrawal rights) will now expire at midnight New York City
time on April 23, 1999. If the Chilean auction is not held before this date, DEI
would further extend the expiration date for the Offers. As previously
announced, the Chilean Offer will remain open until five business days prior to
the remate. Based on information provided by the receiving agents for the
Offers, as of midnight on April 7, 1999, approximately 30 million shares,
including those represented by the ADS, have been tendered in the U.S. Offer. An
additional 273 million shares had been tendered in the Chilean Offer.
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.
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