The Spanish Gas Natural Fenosa will acquire power through an Initial Tender Offer for 100% of the General Electricity Company of Chile by 3283.2 million.
The Spanish Electric Gas Natural Fenosa has agreed to purchase the main Chilean electricity distribution and gas General Electric Company (CGE) by 2,600 million euros (3283.2 million dollars), reported the Spanish company.
The operation was carried out by means of a tender offer (OPA), after the agreement has come Spanish company with the majority shareholders of the Chilean company “formed by the Marin Family Group, Group and Family Group Almería Pérez Cruz, representing approximately 54.19% of the capital,” said Gas Natural Fenosa in a statement.
These shareholders and Natural Gas “have signed a promise to purchase contract under which the Spanish multinational energy company is committed to launch a takeover bid for the entire share capital of CGE and sellers irrevocably sell their shares under such an offer, “the source said.
” The Offer is subject to, among other customary conditions such operations, to go to the offer at least 51% of the capital, “said Gas Natural Fenosa in a statement to the Spanish stock exchange authorities.
In case of a 100% acceptance of the offer, “this acquisition would involve an outlay of approximately 2,600 million euros,” said Gas Natural Fenosa, for which would be the most international purchase so far.
The offer, which is made by 100% of the shares of CGE at a price of 4,700 Chilean pesos ($ 7.9) and to be paid “cash” will close “during the second half of November,” added the Spanish power.
This operation will involve the input of Gas Natural Fenosa in Chile “from a position of leadership” and strengthen its position in the business of distributing gas and electricity in Latin America, where it is present in Mexico, Costa Rica, Panama, Brazil, Argentina, Peru, Colombia, Dominican Republic and Puerto Rico.
According to the Spanish company CGE is present in Chile, Argentina and Colombia.
The Chilean company “is responsible for the distribution of 40% of electricity and meets the demand of 43% of consumers in Chile, with over 2.5 million customers, “it is also the first operator of the high voltage network” with a market share of 35%, “according to Gas Natural Fenosa.
In 2013, the Spanish electricity recorded a net profit EUR 1,445,000 of
in April
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