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Gas Natural Fenosa launch a public tender offer (OPA) on the 100% stake in Chilean society General Electric Company of Chile (CGE) at a price of 4,700 Chilean pesos per share (6.11 euros), which means that the company Spanish pay 2,600 million euros if you buy all of the Chilean securities.
The Chilean company is the greater power company , which has 2.5 million customers, and its purchase represents the largest international operation made so far by Natural Gas.
According to the statement released by Gas Natural to the National Securities Market Commission (CNMV), the closing of the transaction is conditional on a minimum of 51% of capital accept the offer, which seems assured, as Natural Gas has an agreement with the majority shareholders of the Chilean company Grupo Familia Marin Group and Family Group Almería Pérez Cruz, representing 54.19% social capital, by which they agree to sell “irrevocably” their shares under the offer to launch the Spanish.
is expected to launch the offer which the subsidiary Gas Natural Fenosa Chile SpA completed in second half of November and is paid “-cash “.
The price offered implies 71.7% raise the market price of each share CGE, which according to the note sent to the CNMV stands at 2,737 Chilean pesos.
As contained in tender document submitted to the CNMV, Natural Gas “and available funds cash and sufficient credit lines available to pay the price, “so” is not conditioned on obtaining any third party financing. “
” With this acquisition, Gas Natural Fenosa remains committed to meeting the targets set in November 2013 without execution risk and low impact on borrowing, “said Natural Gas. One of them is to grow in emerging markets like Latin America, where he had unsuccessfully tried other corporate transactions.
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