Endesa's purchase of Elettrogen, the Italian electricity company, still leaves the Spanish utility with €4bn (€3.5bn) for two more European acquisitions and without a fixed financial adviser.

Dresdner Kleinwort Wasserstein pulled off its first European mergers and acquisitions deal for Endesa when it helped the Spanish company win the auction for Elettrogen, a subsidiary of Enel, the Italian oil and gas company. However the field is still open for other banks to advise on Endesa's desire to acquire in Italy and Germany, according to an Endesa source.