NEW YORK--(Oct. 13, 2000)
-- US$ 205 million capital gain and US$ 1.076 billion debt reduction for Endesa
-- Five companies with large experience as operators of electricity
transmission networks participated in the tender process.
-- Transelec was incorporated on January 28th, 1993 and has Ch$154.84 billion
The Board of Endesa de Chile (NYSE:EOC), 60% owned by Enersis, an affiliate of Endesa, SA (NYSE:ELE), announced yesterday that it has sold 100% of the Compania Nacional de Transmision Electrica S.A.'s (Transelec) shares to Hydro Quebec International Inc., pursuant to a public bidding process carried out by Endesa Chile, Chile's leading generator, in order to dispose its transmission affiliate.
Final price in Transelec sale exceeded minimum price set by Endesa Chile and is above the company's estimation.
Transfer and payment of Transelec shares will take place on October 23rd, 2000, thereby concluding the bidding process initiated on June 28th, 2000, following approval of Endesa Chile's Board of Directors that was ratified by the extraordinary shareholders meeting on August 29th of this year, in accordance with the company's bylaws.
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