Enersis, the 60% owned Chilean subsidiary of Endesa, has decided to launch an OPA to acquire minority shares in its Brazilian electricity distribution subsidiary, Companhia do Ceará Energy (Coelce). Enersis controls and consolidates society Coelce through Endesa Brasil which currently owns 58.87% of the shares issued by Coelce, corresponding to 91.66% of ordinary shares and 6.26 % of preferred shares class A. Enersis is offering R$49 (US$20.78) per share, i.e. a 20.1% premium over the average price. This would represent a US$645m acquisition.
Enersis participates in the Brazilian market through Endesa Brasil, a subsidiary that controls the generators Endesa Fortaleza and Cachoeira Dourada, totalling 987 MW, the transmission company Endesa Cien and distribution companies Coelce and Ampla, with more than 6 million customers. Coelce is the distribution of electricity throughout the State of Ceará, Brazil, with a total of 3.4 million customers and a population of 8.5 million. The concession area covers 184 municipalities company, distributed in 149,000 km2.
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