===============================================================================
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. 18
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)
----------------------------------
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 18)
================================================================================
<PAGE>
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS: Duke Energy International, L.L.C.
- --------------------------------------------------------------------------------
S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSONS: 56-2051206
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: State of Delaware
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7) N/A
- --------------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON OO
- --------------------------------------------------------------------------------
Page 2 of 18
<PAGE>
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS: Duke Energy Global Asset Development, Inc.
- --------------------------------------------------------------------------------
S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSONS: 88-0366429
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: State of Navada
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7) N/A
- --------------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON CO
- --------------------------------------------------------------------------------
Page 3 of 18
<PAGE>
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS: Duke Energy Services, Inc.
- -------------------------------------------------------------------------------
S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSONS: 48-0650320
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: State of Delaware
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7) N/A
- --------------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON CO
- --------------------------------------------------------------------------------
Page 4 of 18
<PAGE>
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS: PanEnergy Corp.
- -------------------------------------------------------------------------------
S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSONS: 74-2150460
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: State of Delaware
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7) N/A
- --------------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON CO
- --------------------------------------------------------------------------------
Page 5 of 18
<PAGE>
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS: Duke Capital Corporation
- -------------------------------------------------------------------------------
S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSONS: 51-0282142
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: BK, WC,OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) OR 2(f) N/A
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: State of Delaware
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7) N/A
- --------------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON CO
- --------------------------------------------------------------------------------
Page 6 of 18
<PAGE>
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS: Duke Energy Corporation
- -------------------------------------------------------------------------------
S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSONS: 56-0205520
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: N/A
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(e) OR 2(f) N/A
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: State of North Carolina
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
9 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (7) N/A
- --------------------------------------------------------------------------------
10 TYPE OF REPORTING PERSON CO
- --------------------------------------------------------------------------------
Page 7 of 18
<PAGE>
This Amendment No. 18 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 3. PAST CONTACTS, TRANSACTIONS, OR NEGOTIATIONS WITH THE SUBJECT COMPANY.
(a)-(b) The following language is added after the last paragraph of
Section 11 "Background of the Offers; Past Contacts, Transactions or
Negotiations with the Company" of the U.S. Offer to Purchase and is incorporated
herein by reference:
On April 11, 1999, executives of the Purchaser and
Duke and of Endesa-Spain (which on April 8, 1999 announced
that it had successfully completed its tender offers for
additional shares of Enersis) met to discuss the Duke Offers.
At the meeting, the Purchaser conveyed to Endesa-Spain the
reasons why the Purchaser believes that Endesa-Spain should
cause Enersis to tender the Shares in the Company owned by
Enersis in the Duke Offers, and discussed with Endesa-Spain
Duke's vision for the continued growth and success of the
Company. No agreement, arrangements or understandings were
reached.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS.
EXHIBIT NUMBER DESCRIPTION
- -------------- -----------
Exhibit (a)(48) English language translation of advertisement published in
Chilean newspapers by Banchile Corredores de Bolsa on April
11, 1999.
Exhibit (a)(49) English language translation of advertisement published in
Chilean newspapers by Duke on April 11, 1999.
Exhibit (a)(50) Letter from Duke to Endesa-Chile ADS holders distributed on
April 12, 1999 (including a 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 18
<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: April 12, 1999
DUKE ENERGY INTERNATIONAL, L.L.C.
By: 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: BRUCE A. WILLIAMSON
---------------------------------------------
Name: Bruce A. Williamson
Title: Authorized person
Page 9 of 18
<PAGE>
EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
- -------------- -----------
Exhibit (a)(48) English language translation of advertisement published in
Chilean newspapers by Banchile Corredores de Bolsa on April
11, 1999.
Exhibit (a)(49) English language translation of advertisement published in
Chilean newspapers by Duke on April 11, 1999.
Exhibit (a)(50) Letter from Duke to Endesa-Chile ADS holders distributed on
April 12, 1999 (including a 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 18
EXHIBIT (A)(48)
Page 11 of 18
<PAGE>
English Language Translation
[DUKE LOGO] [BANCHILE LOGO]
ENDESA SHAREHOLDERS
Having been approved in the Shareholders Meeting of April 8 the increase in the
share concentration limit, you may make effective your decision to sell your
shares of Endesa at
[Ch]$250 per Share
Go as soon as possible to give your sale order to Moneda 877 Santiago, or to the
offices of Banchile and Banco de Chile throughout the country.
For more information, call Banchile at 800 20 28 20
or visit us at www.banchile.cl
PRORATION SYSTEM
Duke Energy has offered to purchase in Chile, from Chilean shareholders, a total
of 3,680,947,436 shares. The purchase will take place in an auction in a
national stock exchange. In the event that the total number of shares offered
for sale shall be greater than the number offered to purchase, the acquisition
shall be made prorata. This system guaranties equal conditions for all
shareholders, irrespective of the number of shares they own.
Page 12 of 18
EXHIBIT (A)(49)
Page 13 of 18
<PAGE>
TO THE SHAREHOLDERS OF ENDESA
THANK YOU FOR YOUR CONFIDENCE!
The shareholders of Empresa Nacional de Electricidad S.A. (Endesa), with their
positive vote of last Thursday, chose to increase the limit of shareholder
concentration. This is a big step for the future of your company. A strong
Endesa is good for its shareholders, for its employees and for Chile.
But this is just the beginning. The next step to ensure the future of Endesa is
for the shareholders to offer their shares to a leading, strong and experienced
energy company. Duke Energy International is that company.
We believe that the vote of the majority of Endesa shareholders was a way of
expressing of their support for the offer made by Duke Energy International.
This is $250 per share, 43% higher than Endesa's average price for the period
July 1998 through January 1999. We think the vote was also an expression of
confidence in our vision to make Endesa the premiere energy generating company
in South America.
Duke Energy International's offer is open to every shareholder at the same price
and on the same terms.
We call all shareholders to offer their shares for sale, contacting their
brokers or Banchile in Moneda 877, Santiago, or in every office of Banchile and
of the Banco de Chile in the country.
Page 14 of 18
EXHIBIT (A)(50)
Page 15 of 18
<PAGE>
[Duke Energy Letterhead]
IMPORTANT DEVELOPMENTS
April 12, 1999
Dear Endesa-Chile ADS Shareholder:
Please take note of the following important facts, as detailed in the attached
news release:
o On April 8, 1999, Endesa-Chile shareholders holding 82.4% of Endesa shares
approved raising the limitation on share ownership from 26% to 65%.
o As a result, Duke 's tender offer to acquire 51% of Endesa-Chile can
proceed.
o THE U.S. OFFER (INCLUDING WITHDRAWAL RIGHTS) WILL NOW EXPIRE AT MIDNIGHT,
NEW YORK CITY TIME, ON APRIL 23, 1999, UNLESS EXTENDED.
Duke Energy greatly appreciates the consideration and support of ADS
shareholders in connection with the recent extraordinary meeting. If you need
any assistance tendering your shares, please call the Information Agent,
Innisfree M&A Incorporated, at 888-750-5834 (toll-free) or 212-750-5833
(collect).
Sincerely,
Bruce A. Williamson
President
Duke Energy International, L. L. C.
Page 16 of 18
<PAGE>
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 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 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.
Page 17 of 18
<PAGE>
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 18 of 18
