ENIC Enel Chile SA

   By Marc Bisbal Arias 
 

Enel SpA (ENEL.MI) said Monday that it has completed its corporate reorganization in Chile and is raising its stake in Enel Chile SA (ENELCHILE.SN) to about 62% from 60.6% as a result.

The company also said that Enel Chile has increased its stake in subsidiary Enel Generacion Chile SA (ENELGXCH.SN) to 93.55% from 60% through a public tender offer to acquire the shares held by minority shareholders. A previous limit in share ownership that prevented any shareholder from owning more than 65% of Enel Generacion Chile's shares has been lifted.

The transaction is part of the company's simplification goal, which is one of the five pillars of Enel's 2018-2020 strategic plan.

Enel said it expects to keep reducing the number of operating companies in South America to fewer than 30 by 2020, down from the 53 the company operated in the region at the end of last year.

Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com

(END) Dow Jones Newswires

March 26, 2018 03:26 ET (07:26 GMT)

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