SANTIAGO, July 28 (Reuters) – Enersis, the Latin American arm of Enel, announced last night that the board gave the green light to a restructuring plan that long awaited aims to improve regional operations.
A series of mergers and divisions will result in two new companies. Enersis in Chile will fall assets of energy production and electricity in Chile, while Enersis Americas will include the assets of Argentina, Brazil, Colombia and Peru.
However, not all minority shareholders agree on the plan and could not support it in the vote scheduled in the coming months, according to market sources.
Enel, the most indebted among European utilities, is shifting its focus from Italy and Spain to emerging markets with many resources and good growth prospects.
The restructuring will not require additional funding from shareholders, Enersis said. Last year the company said that a restructuring would be possible to save between 10 and 20% of capital spending.
The supervisory authorities of Chile have given the green light to substantially restructure this month.
Enersis hopes to complete the reorganization by the third quarter 2016.
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