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Italian electric utility Enel wants to buy the entire Latin American operation of its Spanish subsidiary, Endesa, as part of a reorganisation plan, Endesa has said.
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Under the proposal, Enel would acquire Endesa’s 60.62 per cent stake in Santiago, Chile-based electric utility Enersis, which has operations in Argentina, Brazil, Chile, Colombia and Peru.
If Endesa accepts the proposals, Enel will recommend that Endesa’s board distribute an extraordinary cash dividend to Endesa shareholders that would be equal to the acquisition price.
At the same time, Enel says it plans to improve Endesa’s performance with a “business plan focused on the Iberian market”.
Enel CEO Francesco Starace said that the reorganisation plan should be completed by the end of 2014 once it is approved by the relevant authorities.