Barcelona, Oct 13 (Thomson Financial) .- Energy Gas Natural Fenosa multinational generate more than half of its operating profit (Ebitda) abroad with the purchase of Chilean General Electric Company (GEC).
After announcing yesterday that it will launch a tender offer for 100% of this company, which will pay a maximum of about 2,600 million euros, the main directors of Gas Natural Fenosa has today provided further details of the operation, which Success is guaranteed, since Natural Gas already has agreed the sale of a 54% stake in CGE, which is the largest integrated electricity and gas in Latin America group.
According to the analysts made today by multinational, if at the end of 2013 the domestic business accounted for 56% of gross operating profit (EBITDA) and 44% international, buying CGE mark a turning point.
Y is that If the business structure at year Fenosa Gas Natural are added every business CGE, the multinational would have closed 2013 with a different weight: 51% of its operating profit would have been generated abroad by a 49% of Spain.
In the same vein, according to 2013 purchasing CGE by Natural Gas means that 35% of the operating profit of the multinational would be generated in Latin America.
There, Chile would be the main market for Gas Natural Fenosa, with 36% of operating profit in the region of 21% of Colombia and 17% in Brazil.
In a conference with analysts, CEO of Gas Natural Fenosa, Rafael Villaseca, has made clear that the acquisition of CGE, the largest international operation of Natural Gas, will allow you to meet our goals in its strategic plan, including the level of debt, since the end of 2015 its net debt will be “three times” that its operating profit (Ebitda).
The economic-financial multinational CEO, Carlos J. Álvarez, said that this operation “reaffirms” the objectives of Natural Gas until 2015, when he expects to achieve net profit of 1,500 million euros and continue allocating dividends around 62% of their profits.
Both managers have also ratified that Natural Gas will finance the transaction with equity. According to information submitted to the National Securities Market Commission (CNMV), the total price of the transaction is € 2,573 million.
Natural Gas has said he has committed lines of credit available to 6.919 million euros, 135 million in uncommitted credit lines and about 225 million loan from the European Investment Bank (EIB) without having as well as a cash of 5,528,000, which has a total of 12,807 million available.
In addition, Villaseca assured that Gas Natural Fenosa arises not sell assets that inherits from this company and expects to grow in this country in every business in which it operates CGE including distribution of gas and electricity.
Although the Chilean authorities weigh regulatory changes in the gas distribution business, Villaseca pointed out that the Chilean market presents many opportunities and provides a regulatory framework “very stable “, and added that Natural Gas was already aware of these” possible changes “when he raised acquire CGE.
Natural Gas announced yesterday that it had signed an agreement with the owners of 54.19% of the capital social CGE. Familia Marin, Almería Group and Family Group Pérez Cruz, who will sell their shares at a 6.27 euros per share
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Natural Gas executives have expressed interest in develop all CGE business in Chile and even participate in future projects of electricity generation in this country.
The Spanish multinational has ensured that this operation, which is the largest foreign purchase in its history, will allow you to have direct involvement in Gasco, one of the three major distributors of liquefied petroleum gas (LPG), with a 27% market share, and Metrogas, the main gas distributor in the country with more than 580,000 customers.
As for the timing of the bid, Natural Gas will deliver the information memorandum to Chile’s securities regulator and the period for acceptance of the bid, which will last 30 days, until November 11, if open it does not expand.
On November 14, the result of the tender will be announced and on 28 November will be the last day possible payment to shareholders of CGE.
The Minister Enterprise of the Generalitat of Catalonia, Felip Puig, has welcomed today the acquisition of the main Chilean electricity since the operation announced by the multinational gas with Catalan matrix “symbolizes” the work you want to drive from Catalonia, based on internationalization of companies.
The operation of Natural Gas “makes us proud” and “allows us to explain that our market is the world”, said the Minister of Enterprise and Employment for an informative breakfast in Barcelona COM
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