viernes, 20 de junio de 2008

Aguas Andinas launches takeover bid for Essal

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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