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BULLETIN: Enersis Announced Sale of Rio Maipo For $203 Million and $2 Billion Capital Increase
Standard & Poors, April 2003
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
BUENOS AIRES (Standard & Poor's) April 1, 2003--Chile's largest electricity provider, Enersis S.A. (Enersis; BBB-/Negative), announced yesterday that the Extraordinary Shareholders Meeting held on March 31st has approved a US$203 million offer made by Compa--a General de Electricidad (CGE) for its 98.7% equity stake in Rio Maipo. Enersis is expected to receive US$170 million in cash and the remaining US$33 million is debt at the level of Rio Maipo that will be assumed by the new owners. With respect to the capital increase, Enersis' by-laws did not allow any individual shareholder to own more than 65% of the company at any given moment. However, this limit was removed by the Extraordinary Shareholders Meeting, which also approved a US$2 billion capital...
Companies mentioned in this report are: Endesa S.A.,Enersis S.A.
Action: S&P Event
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