Dresdner Kleinwort Wasserstein has won its first significant mandate for Enel, the Italian-state owned power company, on a Kc130bn (€4.2bn) bid for part of CEZ, the Czech Republic's power generation business.

Enel has been one of the most active buyers and sellers of natural resource and electricity businesses this year. It is set to continue a similar pace of activity next year as both European Union and Eastern European countries accelerate the liberalisation of their energy markets. Enel usually turns to Merrill Lynch, Credit Suisse First Boston and Lehman Brothers.