MADRID: The board of Spanish elecricity firm Endesa on Wednesday approved the sale of its Latin American assets to Italian parent group Enel for 8.25 billion euros (10.7 billion US dollar), the firm said in a statement.
The deal, in which Enel will buy the stake of just over 60 percent that Endesa has in Chilean electricity group Enersis , will leave the Spanish group almost entirely focused on its domestic market.
Enel, meanwhile, which owns 92 percent of Endesa, will get more direct control over the Latin American assets as it tries to reduce debts.
Endesa said it would hold an extraordinary general meeting for shareholders on Oct. 21 to get approval for the transaction, and sign off on a proposed cash dividend equal to the value of the sale, which is also part of the transaction.
Comments
Comments are closed for this article.