Enel has launched the minority buyback program in Latin America also for listed companies (minor acquisitions of unlisted companies had been carried out in previous years).
Enel's Chilean subsidiary, Enersis, has in fact launched a total takeover bid for the shares of Coelce, an electricity distribution company in Brazil, at a price of 49 Brazilian reals with a 20% premium on the closing price. Enersis through Endesa currently holds a 58,87% stake in the company.
The expected disbursement in the event of total participation in the takeover bid is 645 million dollars, equal to 475 million euros.
Enersis is the means by which Enel intends to reorganize its equity investments in Latin America. With the takeover bid on 42% of Coelce, the process of repurchasing the minority shares in Latin America begins, which follows the capital increase on Enersis made last year. The ultimate goal of the Enel group is to shorten the corporate chain and create value for shareholders.
