Chilean water utility Aguas Andinas, controlled by Spanish group Agbar, has launched its takeover bid for southern water utility Essal, local paper Estrategia reported.
With a price of 162 pesos/share, Aguas Andinas plans to purchase up to 470mn shares in Essal, equivalent to roughly 75.9bn pesos (US$154mn). The shares represent 100% of the company's outstanding stock, the report said.
The offer is scheduled to end July 7.
On May 22, Spanish group Iberdrola agreed to sell 51% of Essal to Aguas Andinas for some 103mn euros (US$162mn).
With the purchase, the company practically reaches the maximum quota of client concentration established for Chilean water utilities by law.
Publication: Business News Americas - English News
Provider: Business News Americas
Date: June 19, 2008
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