The operation had already been announced last December, but now it is actually starting: as part of the corporate reorganization operation aimed at integrating Enel's non-conventional renewable activities in Central and South America (excluding Chile) into listed Chilean subsidiary Enel Américas, the group led by CEO Franceso Starace has launched a voluntary partial takeover bid on the ordinary shares and American Depositary Shares (ADS) of Enel Américas, up to 10% of the current share capital (over 7,6 billion shares).
The tender offer is divided into two parts. The first envisages a voluntary takeover bid in the USA on shares held by US citizens (US persons) for 140 Chilean pesos per share in cash, and on Ads, held by whoever and wherever the owner is, for a unit amount of 7 Chilean pesos, again in cash, with consideration payable in US dollars. The second part consists of a voluntary tender offer in Chile at a price of 140 Chilean pesos per share in cash, payable in Chilean pesos. The Chilean offer is subject to the terms and conditions described in the Chilean prospectus filed with the Chilean Financial Market Commission (Comisión para el Mercado Financiero) and is open to all holders of the shares (including the US).
The offer period will start today 15 March e will end on April 13 next. The takeover bid is subject to the effectiveness of the merger by incorporation of Egp Américas Spa into Enel Américas, scheduled for April 1st. The conditions precedent to which the merger was subject occurred before the tender offer was launched. The maximum total consideration, assuming full acceptance of the tender offer, is approximately 1.065,2 billion Chilean pesos (equal to approximately 1,2 billion euros) and will be financed by cash flows from current operations and existing debt capacity.
