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Chilean battle continues

Chilean battle continues

A battle for control of Chile`s Empresa Nacional de Electricidad (Endesa Chile) has developed between Duke Energy of the US and Spain`s Grupo Endesa. Duke is now bidding to buy 60 per cent of the Chilean company at Peso275 ($0.57) per share in response to Grupo Endesa`s offer.

Endesa Chile is Latin America`s second largest generator. Duke offered to buy 51 per cent of its shares at Peso250 per share in February.

In mid-April, Grupo Endesa announced a $1.5bn offer for 29 per cent of the Chilean group through Enersis, the electricity distributor that it gained control of at the end of March. Enersis holds 25.3 per cent of Endesa Chile.

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