Reuters via the New York Times:

Enel, an Italian utility, said it had bought a 10 percent stake in Endesa, the Spanish utility, for 4.1 billion euros ($5.4 billion), possibly breaking up an attempt by a German company, E.On, to buy Endesa. Enel, based in Rome, said it had acquired 9.99 percent of Endesa at 39 euros a share, above E.On’s bid of 38.75 euros and Endesa’s closing price of 38.12 euros. E.On raised its offer for Endesa this month to 41 billion euros ($54.2 billion) and emerged as the leading bidder, ahead of Gas Natural of Spain. It has cleared a number of legal hurdles in a bidding war that has lasted more than a year. Analysts said another bidder, Acciona, also of Spain, might revive its interest in Endesa as a result of Enel’s action.