Enel launches $1.4 billion partial bid on Latin American unit

Italian multinational energy company Enel headquarter is seen in Milan, Italy, February 5, 2020. REUTERS/Flavio Lo Scalzo

MILAN (Reuters) – Enel said on Monday it had launched a voluntary tender offer to buy up to 10% of shares of its Chilean-listed unit Enel Americas as part of its effort to reorganise its non-conventional renewable energy business in Latin America.

To complete the purchase, Enel will spend up to around 1,065 billion Chilean pesos, equal to around 1.2 billion euros ($1.43 billion), the Italian utility said in a statement.

Such amount will be funded “through internally generated cash flows and existing debt capacity,” it added.

The offer, which is set to run from Monday to April 13, will also involve Enel America’s American Depositary Shares (ADS), it added.

($1 = 0.8380 euros)

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