Chile appears like country model in the execution of the policies of free market. During the dictatorship of Pinochet the privatization of a great number of public companies was put at your service of the day. The privatizations absorbed CAP (Steel Company of the Pacific), the CTC (Company of Telephones of Chile), Entel, ENDESA, portions of LAN, etc. In the years of the Agreement, the privatizadora practice continued, stimulating the accumulation in conglomerates that already had found their moment of takeoff in the previous years. Apparently, this ultraliberal policy was one of the conditions that the regime of Pinochet imposed to the opocisión to carry out the call "transition".

The success of this process is expressed in the fact that nowadays seven people have the control of 70% of the values of the country. The privatizador process has found its instrument in a series of "holdings" that, once consolidated in the Chilean market, extended their operational range being located in other countries of the continent, or is single, associated among them or with transnational companies. At the moment they are left very few companies, mainly miners, into the hands of the Chilean State. It is possible that they conserve that situation for strategic reasons (they feed the bureaucracy and the military apparatus). But throughout the years many formulas have been tried to induce their privatization.

The character of these privatizations constitutes an act expropiatorio of the state patrimony. The concessions were made under favorable political conditions the industralists, (who frequently were the own civil employees of the dictatorship, at the same time industralists, that is to say, intellectual organic of the bourgeoisie, ordered to make the licitations) which often these goods by very small sums were adjudged or putting like guarantees their own debts.

The history of ENDESA Spain in Chile began when this company reached a financial agreement with a Chilean group that represents the cloudiest interests of the state bureaucracy under the military dictatorship of Pinochet, implementing all the techniques of financial engineering to ransack the Chilean state patrimony. The strategy was reached of direct and safe way, replacing the enterprise risk by the absolute discretion of the state power after the distribution of the public property between such bureaucrats in charge of the government or close friends to him.

First they created the bottoms of pensions for the workers (authentic thymus of the estampita made by the State). As second step fiduciary administrators of these bottoms named; like third step, they turned those liquid bottoms capital coming to buy public companies to transform them into private that quote in stock market. The consequence was that the State alienated the public patrimony and that these managers of the bureaucratic apparatus state pinochetista, appeared like its only beneficiaries in multiple societies where they became position of all the management of that patrimony, and as well acquired small packages of actions of instrumental character (with clauses of control on the decisions), only way to be able to participate legally in the meetings of shareholders.

The last stage of this operation of financial engineering completed with the entrance of the foreign capitals (in this ENDESA-Spain case) in which we could call the second privatization. This time, the privatized companies or into the hands of these new captains of industry to its passage by the pinochetista state apparatus, they offered to sell the societies with orthodox methods type OPA or worthy methods of Meyer Lanski one of the financial teachers of the Chilean military at its good times.

The decision of ENDESA-Spain to enter Enersis, is totally just from a economic-strategic point of view. Buying Enersis not only the first electrical one of Chile is acquired (that also dominates the generating one that is called like the Spanish company: ENDESA), but that in addition obtains the control (when adding its participation from ENDESA-Spain to those of the Chilean company) of other generating and distributing companies of electricity in Argentina, Peru, Colombia and Brazil.

The importance strategic of the battle fought by ENDESA-Spain to obtain the control of Enersis, has been put in evidence after the creation of the BBVA, where the debate has reopened on if the power companies have the size sufficient to defend itself of a possible hostile operation in a sector that gravitates towards the centralization. The tendency towards the fusions between the great European electrical companies is a symptom more of this reality and their echoes already are listened to between the Spanish companies. The threat of asked for public supplies of acquisition is not evident.

The experts predict that, in years, the European electrical sector will be reduced to five or six groups. Companies as the Edf French or Germans Vega-Riag and RWE has the sufficient size like absorbing with a stroke of the pen to anyone of the Spaniards. The only exception is ENDESA-Spain, that took muscle with the acquisition of the Enersis Chilean and, in addition, is protected by a gold action, by which - in this case the Spanish State legally is authorized to authorize or not it possible acquisition of certain percentage of capital of the Company.

The best way to avoid than a group is strained by the window is to increase of size, something that is obtained by means of fusions. "Some electrical ones already begin to contemplate the possibility of a union with another company of the sector", indicated a source of the stock market, that predicted important movements of centralization.

By the end of 1997, when he negotiated the new association between ENDESA-Spain and Enersis, the president of the Spanish company, Rodolfo Marti'n-Villa, declared that its intention was "to make of Enersis the capital of our presence in the region". "Our obligation and right - I stress ' - are to defend that investment" in oblique reference to the thousand five hundred million dollars spent in an operation that still did not assure - indisputado control to them Enersis and less ENDESA-Chile. These declarations give a clear idea of the magnitude of the strategic interests of the Spanish imperialistic capital in all this subject.

In August of 1997, ENDESA-Spain bought 29.06% of the capital of Enersis after disbursing 1,500 million dollars (about 250,000 million pesetas). With three directors - Rodolfo Martin Villa, Alfredo Llorente and Héctor Lopez Vilaseco- of a total of seven, ENDESA-Spain did not have the control of Enersis nor great presence in the administration. Only a Spanish executive, Emilio Garci'a, who is adviser of contraloría. To have invested what they invested to have a participation of minority was not business. They bet to make prevail in Chile dialectic the economic one to turn the amount quality, bidding up to buy the control of which it was not possible to be put on sale. They had gone to that country to command and they did not command.

The knot of the problem was in which after the process of privatization initiated at the time of Pinochet, the Chilean companies have peculiar a accionarial configuration. The participation Maxima on the part of a single shareholder was limited statutorily 32% of the capital of the company, and in the all of them Administrators of Bottoms of Pensiones (AFP), that handles as a whole 50,000 million dollars, they occupied an excellent position, that in the case of Enersis reached to 29.2% of the capital of the company.

One treated, then, to break for the first time the political shield from the times of the dictatorship, that guaranteed to the AFP the monopolistic control on the privatized companies. This was only possible modifying the statutes and eliminating the clause by which a single shareholder could not take control more of a 32% of the share capital. And for that, it was necessary to obtain the endorsement of both third of the emitted actions, or behind the back of to negotiate directly with the fiduciary administrators the mass shareholder.

The fiduciary administrators commanded by Yuraszeck engineer and thirteen or fourteen executives of their confidence, almost constructed holding of the anything. They took advantage of the opportunities that the dictatorship offered them when privatizing Chilectra. They organized the Sparks, societies of investment with two types of actions. Of the A 75 million were emitted, of B only 250 thousands that were in being able of Yuraszeck and his. Actions B did not give dividends, but something more important: the control. The friendships and the dictatorship made the rest. The State bank, presided over by Alvaro Bardón, lent 65 million to them dollars to acquire 20% of Chilectra. Thus Enersis began, that soon became holding that controls ENDESA, Synapse, the Real estate Bellwether of Velasco, Waters Mountain range and other companies.

The last year the value of Enersis in five billion dollars was considered. In the middle of the last year, needed fictitious additional capital in search of productive application, the controllers of Enersis decided to make new alliances to leave winners in enormous businesses that were opened with the electrical privatizations in Mexico and Brazil. With such intention they secretly looked for a strategic alliance with ENDESA-Spain - at that time still state company although in process of privatization in which this one would open to be able buying for the actions of the Sparks.

According to the terms in the agreement, ENDESA-Spain would destine to that Public Supply of Acciones (OPA) - that is not regulated in the Chilean legislation thousand five hundred million dollars. Other billion dollars would be contribution of capital for Enersis. Both companies would form one third - Endesis, participated by ENDESA-Spain in a 65% and Enersis in a 45% - to operate in Latin America. Yuraszeck and its fourteen executives would continue occupying put key in the new scheme. The OPA worked with slips. There were shareholders of the class To that they refused to sell, specially in one of the Sparks - Light -, that demanded substantial improvement in the negotiation. It was not for less: 500 million dollars were being destined to buy the actions To, that they represented 99.9%, and billion for the purchase of 0.06% of the actions that were of the B type.