STOCKS NEWS EUROPE-Endesa down on dividend disappointment

Shares in Enel's Spanish unit Endesa (ELE.MC) lose more than 5 percent after the company rules out the payment of another special dividend in 2009.

"The company has changed its dividend policy. The market was expecting Endesa to pay out at least part of the gains from the sale of its renewable assets to Acciona (ANA.MC)," Venture Finanzas says in a note to clients.

Endesa sold about 1 billion euros ($1.46 billion) of renewables assets to Acciona in February and was expected to share out the gains from the deal with its shareholders, as it did when it sold assets to Germany's E.ON (EONGn.DE) in 2008.

Endesa leads the losers on the Ibex leading share index .IBEX with a 5.1 percent fall to 21.6 euros, with the company's low free float of about 9 percent also weighing on the stock price.

The Enel (ENEI.MI) unit posted a firm set of nine-months results at the operating level and was outperforming its peers ahead of the announcement.

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Reuters Messaging rm://clara.vilar.reuters.com@reuters.net ($1=.6835 Euro)