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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. 25
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. 25 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 10. ADDITIONAL INFORMATION.
Item 10 is amended and supplemented by the addition of the following:
(f) On April 21, 1999, Duke Energy Inversiones Uno Limitada, an
affiliate of the Purchaser, informed the Superintendencia de Valores y Seguros
(Securities and Insurance Commission) that it will not conduct its Chilean
Auction on April 29, 1999. Subsequently, Duke issued a press release stating
that it is terminating its Offers. Accordingly, Duke and the Bidder are hereby
terminating their U.S. Offer. No Shares or ADS were purchased as a result of the
U.S. Offer.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS.
EXHIBIT NUMBER DESCRIPTION
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Exhibit (a)(76) Press release issued by Duke on April 21, 1999.
Exhibit (a)(77) English translation of a Notice published in the Chilean
newspapers by the Purchaser and Duke Energy Inversiones Uno
Limitada on April 22, 1999.
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 22, 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 14
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EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
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Exhibit (a)(76) Press release issued by Duke on April 21, 1999.
Exhibit (a)(77) English translation of a Notice published in the Chilean
newspapers by the Purchaser and Duke Energy Inversiones Uno
Limitada on April 22, 1999.
Page 10 of 14
EXHIBIT (A)(76)
Page 11 of 14
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April 21, 1999
DUKE ENERGY TERMINATING TENDER OFFERS FOR ENDESA-CHILE
CHARLOTTE - Duke Energy (NYSE: DUK) announced this afternoon that it was
terminating its tender offers for Empresa Nacional de Electricidad S.A.
(Endesa).
"After meeting with several major shareholders of Endesa today, we have reached
the conclusion that Duke Energy's condition of obtaining a controlling interest
in Endesa will not be met," said Bruce Williamson, president and chief executive
officer of Duke Energy International. "In fairness to shareholders, we wanted
them to know our intentions so that they are free to act in their best
interests."
Duke Energy originally announced its Chilean and U.S tender offers for Endesa on
February 18, 1999, and increased its offers on April 16. The company had agreed
to purchase up to 60 percent of Endesa for 275 pesos per share. As required by
the process outlined by the Superintendencia de Valores y Seguros (Securities
and Insurance Commission), Duke Energy reiterated its final offer April 20.
"We regret we are not able to complete our tender offers," said Williamson. "Our
entire team has come to appreciate Chile and its people and have high regard for
the potential of Endesa and its employees.
"From the day we launched our tenders offers, we have worked hard to let the
people of Chile know who Duke Energy is, and to share something of our corporate
character." Williamson continued, "We are a company that values integrity and
builds positive relationships. We want to say thank you to the people of Chile
for listening, encouraging us and for wishing us well."
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.
CONTACT: BRYANT KINNEY
OFFICE: 704/382-2208
24-HOUR: 704/382-8333
Page 12 of 14
EXHIBIT (A)(77)
Page 13 of 14
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NOTICE OF TERMINATION OF OFFER TO PURCHASE SHARES OF EMPRESA NACIONAL DE
ELECTRICIDAD S.A. FOR FAILURE OF CONDITION BELOW
DUKE ENERGY INTERNATIONAL L.L.C. ("Duke International"), a company organized
according to the laws of the State of Delaware, United States of America, which
corporate purpose is investments, domiciled at 5400 Westheimer Court, Houston,
Texas, United States of America, and for these purposes at Moneda 970, 12th
floor, Santiago, Chile, and DUKE ENERGY INVERSIONES UNO LIMITADA ("Duke Chile'),
a company organized according to the laws of the Republic of Chile, which
corporate purpose is investments, domiciled at Moneda 970, 12th floor, Santiago,
Chile, inform all shareholders of EMPRESA NACIONAL DE ELECTRICIDAD S.A.
("Endesa") of the following:
According to the notice published on February 25, 1999, as amended, Duke
International made a public offer (the "Offer') to purchase shares of Endesa, on
the terms and conditions set therein. Pursuant to the first paragraph of number
16 thereof, the Auction would not take place unless sale orders for a minimum of
3,680,947,436 shares of Endesa, corresponding to at least 44.88% of the total
number of subscribed and paid shares of Endesa, had been received in Chile.
Considering that the Stock Brokers ended the receipt of shares sale orders as of
today, April 22, 1999, a 12,00 noon, and that a number of shares sale orders
lower than the aforementioned minimum was received, and in accordance with the
provisions of Circular-Letter N(degree)2327 dated April 16, 1999 of the
Superintendency of Securities and Insurance, by this publication it notifies
that the conditions set forth in the Offer have failed. Therefore, Duke
International declares the Offer unsuccessful and consequently terminated,
without further responsibility for the offeror. The foregoing has been already
informed to the Superintendency of Securities and Insurance, to the stock
exchanges of the country and to Banchile Corredores de Bolsa S.A.
DUKE ENERGY INTERNATIONAL L.L.C.
DUKE ENERGY INVERSIONES UNO LIMITADA
Page 14 of 14
