Enel reorganize its activities in South America. The go-ahead from the boards of directors of the companies concerned arrived yesterday and was announced today in a note from Enel. The transaction, already announced in July, involves Enersis, Endesa Chile and Chilectra. It envisages the separation of electricity generation and distribution activities in Chile from those developed in other Latin American countries (Argentina, Brazil, Colombia and Peru).
Upon completion of the transaction, Enersis Chile will control 99,09% of Chilectra Chile and 59,98% of Endesa Chile. Enersis Americas, on the other hand, will head the activities in the other countries: Argentina, Brazil, Colombia and Peru.
The reorganization will be carried out, informs the Enel press release, in three steps:
1. spartial demerger of Endesa Chile and Chilectra, through the assignment of all the respective assets held in other Latin American countries (ie, other than Chile) and the related liabilities in favor of two newly established companies, called, respectively, “ Endesa Americas” and “Chilectra Americas”;
2. partial demerger of Enersis, through the assignment of all the related assets held in Chile (including the equity investments in Endesa Chile and Chilectra) and the related liabilities in favor of a newly incorporated company called “Enersis Chile”. This demerger will be accompanied by the change of the company name of Enersis to "Enersis Americas", a company that will continue to own all the assets held in the other Latin American countries (including the equity investments in the indicated newly established companies Endesa Americas and Chilectra Americas) and related liabilities;
3. merger by incorporation of Endesa Americas and Chilectra Americas into Enersis Americas. The latter will thus be the owner of all the equity investments held by the Enersis perimeter in the other Latin American countries, other than Chile.
For each Endesa Americas share, its shareholders will receive between a minimum of 2,3 and a maximum of 2,8 Enersis Americas shares. While for each share of Chilectra Americas its shareholders will receive between 4,1 and 5,4 shares of Enersis Americas.
