For Co-2(CO)(8), the representative of a whole class of bridged cobalt complexes, the 18-electron rule predicts a direct metal-metal bond in addition to the metal-bridge bonds. By intuition, this bond should have bent-bond character. However, it is well-known from charge density analyses that no bond critical point exists in the corresponding spatial region. Otherwise, the energy density distribution points to a certain stabilizing contribution of this local area to the total molecular energy. It is shown that a partitioning of the total charge and energy densities into orbital contributions can lead to a deeper insight into complex bonding properties.