Spanish energy group Gas Natural Fenosa has launched a takeover bid on the 43.4% interest that it doesn't control yet in Gas Natural Chile, at a price of CLP 3,511 (US$5.30) per share.
Gas Natural Fenosa is active in Chile through the Chilean company Compañía General de Electricidad (CGE) that it acquired in 2014 (now 96.5%-owned). Gas activities are carried out by Gasco, in which it holds a 56.62% stake, in partnership with the Familia Pérez Cruz, a group of shareholders holding 21.9% (remaining stake floating). In December 2015, Gas Natural Fenosa and the Familia Pérez Cruz reached an agreement to split Gasco into two companies: one engaged in the gas business, which will remain under the control of Gas Natural Fenosa (Gas Natural Chile), and another engaged in the LPG, business, which will be transferred to the Familia Pérez Cruz.
Consequently, the Familia Pérez Cruz has launched a takeover bid on the 78% it doesn't control yet, for CLP 1,684 (US$2.54) per share.