- Press Releases
March 15 (Renewables Now) - Italian utility group Enel SpA (BIT:ENEL) has launched a voluntary public offer to buy shares equal to 10% of the share capital of its Chilean subsidiary Enel Americas SA (NYSE:ENIA).
The offer includes Enel Americas common stock and American Depositary Shares (ADSs) and could fetch around CLP 1.065 trillion (USD 1.48bn/EUR 1.24bn), if taken up in full, Enel said on Monday. The Italian company plans to fund the operation using internally generated cash flow and existing debt capacity.
Minority shareholders are offered a cash payment -- CLP 140 per share of the common stock and CLP 7,000 in US dollars per Enel Americas ADS.
The offer period starts today, March 15, and expires on April 13, 2021.
The offer is conditional upon Enel Americas absorbing the South and Central American renewable energy business of Enel Green Power (EGP), which is due to happen on April 1 this year, the Italian parent company said.
As previously announced, the Santiago-based subsidiary has been seeking to incorporate EGP’s non-conventional renewable energy operations in Argentina, Brazil, Colombia, Peru, Costa Rica, Guatemala and Panama, but not in Chile.
With some 5 GW of EGP’s assets, the move would increase Enel Americas’ total installed capacity in the region to 16.3 GW.
(CLP 1,000 = USD 1.385/EUR 1.162)