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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. 15
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
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
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. 15 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)(45) Press release issued by Duke on April 4, 1999 urging ADS
holders to vote for the bylaw amendments.
Exhibit (a)(46) Letter from Duke to ADS holders sent on April 5, 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 5, 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 15
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EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
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Exhibit (a)(45) Press release issued by Duke on April 4, 1999 urging ADS
holders to vote for the bylaw amendments.
Exhibit (a)(46) Letter from Duke to ADS holders sent on April 5, 1999.
Page 10 of 15
EXHIBIT (A)(45)
Page 11 of 15
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April 4, 1999 CONTACT:
Bryant Kinney
Office: 704/382-2208
24-Hour: 704/382-8333
DUKE ENERGY REMINDS ENDESA ADS HOLDERS TO RETURN PROXY
NO LATER THAN MONDAY, APRIL 5
Company Urges ADS Holders To Vote FOR The Amendment To Raise
The Endesa Shareholder Concentration Limit
CHARLOTTE - Duke Energy (NYSE: DUK) is reminding all Empresa Nacional de
Electricidad SA (Endesa) American Depositary Shares (ADS) holders that they must
sign, date and return their proxy to their broker or bank no later than Monday,
April 5 to ensure their vote is counted in the Endesa shareholder vote on the
bylaw amendment to raise the shareholder concentration limit from 26 percent to
65 percent.
"The vote of all ADS holders is extremely important," said Bruce Williamson,
president and chief executive officer for Duke Energy International. "Duke
Energy strongly urges all ADS holders to protect the value of their investment
by voting FOR the bylaw amendment to raise the shareholder concentration and
making sure their proxy is counted."
Voting FOR the amendment was recommended by Institutional Shareholder Services
(ISS) in a March 29 report.
Duke Energy, through its wholly owned subsidiary Duke Energy International, has
offered to purchase 51 percent of Endesa's common shares, including common
shares represented by American Depositary Shares at 250 Chilean pesos per share.
The offer represents a premium of approximately 48 percent over the average
price of Endesa shares for the six months prior to Duke Energy's announcement of
its offer. The offer cannot go forward unless the bylaw amendment is approved.
The vote to amend the bylaws will occur at an extraordinary shareholders'
meeting to be held on April 8 in Santiago, Chile.
ADS holders' banks or brokers must receive votes by April 5, 1999 in order to
have ample time to deliver it to Citibank.
If you have any questions, or need last minute assistance in voting your ADS,
please contact Innisfree M&A Incorporated at 1 - (888) 750-5834 (toll-free) or
1-212-750-5833 (international collect).
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
EXHIBIT (A)(46)
Page 13 of 15
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AN IMPORTANT MESSAGE
TO
AMERICAN DEPOSITARY SHAREHOLDERS OF ENDESA-CHILE
As you are aware, the Board of Directors of Endesa-Chile has called an
extraordinary shareholders' meeting to vote on two amendments to the bylaws of
Endesa-Chile. These amendments are as follows:
1. Increase the individual shareholder limitation from the current level of
26% to 65%, and
2. Increase the voting rights any individual shareholder may vote
corresponding to that shareholder's amount of shares from the current level
of 26% to 65%.
Duke Energy strongly believes that a vote in favor of these amendments will
immediately increase the value to current shareholders by allowing any third
party to tender for a controlling position in Endesa-Chile. Institutional
Shareholder Services (ISS) agrees with this assessment and has issued an opinion
that a vote in favor is in the best interests of the shareholders of Endesa.
Duke Energy reminds shareholders that this vote could be the last time that a
vote of this nature will take place at Endesa-Chile. On 30 March, Enersis
shareholders increased the shareholder limitation which now allows Endesa-Spain
to complete its tender offer which would increase its equity position in Enersis
from 32% to 64%. Enersis currently has a 25.3% position in Endesa-Chile.
Endesa-Spain has announced its intention to vote in favor of the proposed
amendments to the bylaws of Endesa-Chile at THIS meeting, but has publicly
stated its intention not to tender any of Enersis' shares in Endesa-Chile. Thus,
failure to vote or a vote against the proposed amendments may result in
Endesa-Spain consolidating its influence over Endesa-Chile as its largest
shareholder through its tender for Enersis without any attendant increase in
value for the remaining shareholders of Endesa-Chile.
Duke Energy reminds shareholders that 1.5% of the TOTAL ENERSIS ADS's were not
submitted in time to be counted in the first Enersis vote. While we do not
expect the same technical problems to occur with the Endesa-Chile ADS receiving
agent, we urge all ADS holders to vote in time to allow the agent to properly
complete its obligations. In order for your vote to be counted at the upcoming
Endesa-Chile shareholders' meeting, you should ensure that you have given
directions to your broker or bank on or before Monday, April 5, 1999. Remember,
you may vote by Internet or telephone by following the instructions previously
sent to you. If you require new instructions, please contact Innisfree M&A
Incorporated.
Duke Energy believes that its tender offer for 51% of Endesa-Chile is fair and
equitable to all current shareholders of Endesa-Chile. The market price of
Endesa-Chile shares has increased 54% since announcement. However, this tender
offer is contingent upon the adoption of the proposed bylaw amendments to be
voted on 8 April.
We urge you to vote in favor of the proposed bylaw amendments and thereby ensure
that the increased value of your shares is not temporary. Please remember that a
failure to vote in a timely manner is equal to a vote against the bylaw
amendments and is not constructive to shareholder value.
Page 14 of 15
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For clarifications, questions or comments, please immediately contact Innisfree
M&A Incorporated at (888) 750-4834 (toll free) or 1 (212) 750-5833
(international collect).
Sincerely,
Bruce A. Williamson
President & CEO
Page 15 of 15
