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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. 9
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 17)
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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 17
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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
- --------------------------------------------------------------------------------
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 17
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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
- --------------------------------------------------------------------------------
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 17
<PAGE>
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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
- --------------------------------------------------------------------------------
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 17
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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
- --------------------------------------------------------------------------------
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 17
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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 17
<PAGE>
This Amendment No. 9 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)(29) English translation of advertisement published in Chilean
newspapers on March 21 and 22, 1999.
Exhibit (a)(30) English translation of advertisement published in Chilean
newspapers on March 21 and 22, 1999
Exhibit (a)(31) Opening remarks of Bruce A. Williamson at press conference
held in Chile on March 22, 1999.
Page 8 of 17
<PAGE>
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 23, 1999
DUKE ENERGY INTERNATIONAL, L.L.C.
By: /s/ BRUCE A. WILLIAMSON
--------------------------------------------
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 17
<PAGE>
EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
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Exhibit (a)(29) English translation of advertisement published in Chilean
newspapers on March 21 and 22, 1999.
Exhibit (a)(30) English translation of advertisement published in Chilean
newspapers on March 21 and 22, 1999
Exhibit (a)(31) Opening remarks of Bruce A. Williamson at press conference
held in Chile on March 22, 1999.
Page 10 of 17
EXHIBIT (A)(29)
Page 11 of 17
<PAGE>
TO CONTINUE AS LEADERS YOU HAVE TO ADD EXPERIENCE.
THE INTERNATIONAL CHALLENGES OF THE FUTURE CAN BE FACED BY ENDESA
WITH THE SUPPORT OF A LEADER: DUKE ENERGY
OUR COMMITMENT
- --------------
Building on what is already in place.
To benefit from the experience and knowledge of the team of engineers and
employees that has made Empresa Nacional de Electricidad S.A. a leading company
in electricity generation.
To drive Endesa into a growing company in the region, channeling through Endesa
the investments in electricity generation that Duke Energy will make in South
America.
With the strong support of Duke Energy, Endesa will be able to increase its
participation in electricity generation in the region.
WHAT THEY SAY ABOUT US
- ----------------------
According to a poll among CEOs in 53 countries, in November 1998, the Financial
Times of London named Duke Energy as the most respected utility company in the
world.
In March 1999, Duke Energy was named the most respected electricity and gas
company in North America by Fortune Magazine.
In December 1998, Electric Light & Power Magazine awarded us the public "utility
of the year," the first company to get this recognition twice.
TALKING ABOUT ENERGY IS TALKING ABOUT DUKE ENERGY
- -------------------------------------------------
Duke Energy is a global energy company with more than US$26.000 million in
assets.
Based in Charlotte, North Carolina, the company is present in more than 50
countries, providing energy and related services.
Duke Energy enterprises have an experience of almost 100 years in electricity
generation and more than 60 years in natural gas.
In South America, Duke Energy International has significant investments in
electric generation in Argentina, Chile, Ecuador and Peru.
DUKE ENERGY (LOGO)
- ------------------
www.duke-energy.com/soamer
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Page 12 of 17
EXHIBIT (A)(30)
Page 13 of 17
<PAGE>
ATTENTION ENDESA SHAREHOLDERS
-----------------------------
Due to the forthcoming Shareholder Extraordinary Meeting to be held on April
8th, a proxy letter with Duke Energy information has been sent to shareholders
of EMPRESA NACIONAL DE ELECTRICIDAD S.A.
If you have not received this information, call or visit us from Monday to
Friday, from 9:00 to 18:00 hours in:
Santo Domingo 1141, Piso 5, Santiago
Fono: 671-0910
Luis Thayer Ojeda 0130, Of. 311, Providencia
Fono. 365-1747
Your support to the reform of the bylaws of the company will allow the increase
of the limit of the concentration of the shareholder property of Endesa, giving
you the possibility to conveniently sell your stocks in the Offer to Purchase
Shares formulated by Duke Energy International.
If you need additional information about our company, visit us in
www.duke-energy.com. Information in Spanish about our offer to purchase shares
of Endesa can be located in www.duke-energy.com/soamer.
DUKE ENERGY INTERNATIONAL (LOGO)
A DUKE ENERGY COMPANY
Page 14 of 17
EXHIBIT (A)(31)
Page 15 of 17
<PAGE>
Thank you for joining us today. We wanted to take this opportunity to continue
to keep you and the public well informed and up to date of our activities
concerning Endesa-Chile. We appreciate your continued efforts to cover this
issue.
There are a few items many of you have continued to ask us about that I would
like to cover before we open the floor for questions.
I want to reemphasize why Duke Energy is the right partner for Endesa-Chile.
First and foremost we are committed to building on the excellent foundation that
has been created by the employees and management of Endesa. With Duke Energy's
strong financial support and aggressive growth plan, backed up by Duke Energy
enterprises with almost a century of energy industry experience, Endesa will be
positioned as a growing energy company in the region. To help accomplish this we
will make Endesa our SOLE vehicle for investment and growth throughout South
America, creating the base of our South American operations here in Chile. We
believe our expertise in all types of electricity generation will be important
to help Chile and the region diversify its electric supply. This summer's
drought is a reminder of how vulnerable economies can be to be over dependent on
any one source of electricity.
I realize that you would expect me to say good things about my own company. But,
I would ask you to listen to what others say about Duke Energy's leadership in
the energy industry around the world. Chief executive officers in 53 countries
polled by London's Financial Times just last November named Duke Energy as the
most respected utility company in the world. That was followed in December by
the Electric Light and Power magazine, naming Duke Energy its "utility of the
year." And, just this month, Fortune Magazine named Duke Energy the most
respected electricity and gas company. It is this reputation we bring with us in
our offer to lead Endesa into the future. And, frankly, it is this reputation we
will be putting on the line. We take our reputation seriously, giving us all the
more resolve to ensure our investment and growth plans for Endesa are successful
and the process we are involved in is transparent to all.
Another point I wish to make is about Endesa's strength. We believe that Endesa
is a strong company because it has focused on a key aspect of the energy market
- - generation of electricity. This is an area we have concentrated our efforts on
internationally and an area we will continue this focus on with Endesa.
It is clearly apparent to us that having a strong company focused on electric
generation is best for customers, Chile and South America. While other countries
in the region are faced with a variety of economic problems, Duke Energy's major
investment in Endesa and Chile will provide financial strength to immediately
take Endesa in a direction of growth and new opportunities.
With all of the recent turn of events involving Endesa and Enersis, it is easy
to be confused about the various outstanding offers and shareholder votes.
Obviously, in order for us to move forward with our vision for Duke Energy and
Endesa to become the premier energy company in South America, we must be allowed
to gain a controlling interest in the company. I must also stress that this is a
Page 16 of 17
<PAGE>
completely separate and independent process from the activities involving
Enersis and the distribution businesses they seek to control.
The Endesa-Chile shareholder vote in two weeks to raise the ownership
concentration limit from 26 percent to 65 percent is the key to unlocking all of
these opportunities for Duke Energy, the employees of Endesa and for Chile. By
amending the concentration limit Duke Energy will have the means to acquire a
controlling interest in the company. A significant share of the company will
continue to be owned by other shareholders, including many individuals, who will
benefit from the growth Duke Energy is committed to for Endesa. We encourage all
shareholders to vote to increase the shareholder limit from 26 percent to 65
percent.
Once the concentration limit is amended, Duke Energy will move forward with its
tender offer for 51 percent of Endesa. Duke Energy's offer continues to be fair
and equal for all shareholders and all shareholders have the opportunity to
participate in the offer.
Finally, and most importantly today, I want to speak to the employees of Endesa.
We know this is a difficult time, with many events over the past few months
creating much uncertainty. It is obvious from the good operations that exist at
Endesa that the company has hard working, dedicated employees. We are confident
they want to move quickly forward, grow their company and leave all this
uncertainty in the past. We could not agree more. We have great respect for the
employees and management of Endesa. The experience, skills and resources of
Endesa employees together with that brought by Duke Energy will create an
outstanding platform for success. A strong growing company is an employee's best
protection for the future. We invite these employees to join us in supporting
our effort to build Chile's and South America's premiere energy company.
Page 17 of 17
