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Spain's Gas Natural to buy Chile's CGE for $3.3bn

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Staff writer ▼ | October 13, 2014
Spain's Gas Natural Fenosa has reached an agreement to acquire Chile's Compa?ia General de Electricidad (CGE) for approximately $3.3 billion, the Chilean firm said in a securities filing.
Gas Natural Fenosa
Acquisition   Taking a minimum initial stake of 51 percent
CGE's majority shareholders agreed to sell their 54 percent stake in the electric utility to Gas Natural.

Under the terms of the agreement, Gas Natural will offer to acquire 100 percent of CGE's stock, taking a minimum initial stake of 51 percent.

The Spanish energy company is paying 4,700 pesos (about $8) for each of CGE's outstanding shares.

Gas Natural must launch its tender offer within 10 days, with the deal having a start date of Saturday, CGE said in the securities filing.

Gas Natural Fenosa, one of the world's largest natural gas distributors, entered the Chilean market in late May, when it won a contract to supply liquefied natural gas (LNG) to the Kelar power plant built and operated by a consortium formed by Korea Southern Power Co. and Samsung C&T Corp.