Chile's Enersis outlines restructure plan, not all shareholders agree
SANTIAGO, July 27 (Reuters) - Enersis, European energy giant Enel's Latin American arm, said on Monday evening that its board had agreed on a long-awaited restructure plan that aims to streamline its regional operations.
A series of divisions and mergers will result in two new companies, it said. Enersis Chile will contain the group's Chilean energy generation and electricity assets, while Enersis Americas will hold its assets from Argentina, Brazil, Colombia and Peru.
However, not all minority shareholders are happy with the plan, and may not support it in votes slated for later this year, according to market sources.
Italy's Enel, Europe's most indebted utility, has been shifting attention away from Italy and Spain to emerging markets with abundant resources and good growth prospects.
As it has upped its spending on its Latin American assets, it has put its own managers in place and has prioritized streamlining the complex regional structure.
The restructure would not require additional funds from shareholders, Enersis said Monday. Last year the company said a restructure could save between 10 and 20 percent of capital expenditure.
Chile's local securities regulator effectively gave the green light for the restructure to take place when it ruled earlier this month that it did not form a related party transaction, despite the petition of pension fund shareholders.
A related party transaction would have implied greater independent scrutiny.
Enersis said it hoped to have the reorganization complete by the third quarter of 2016. (Reporting by Rosalba O'Brien and Felipe Iturrieta; Editing by Bernard Orr)
© Thomson Reuters 2017 All rights reserved.