UPDATE 2-Spain's Gas Natural to launch $3.3 bln offer for Chile's CGE

domingo 12 de octubre de 2014 13:26 GYT

* Gas Natural to launch 4,700 peso per share bid for CGE

* Offers comes after deal with CGE controlling shareholders

* Would mark Spanish company's biggest ever foreign buy

* Offer to be launched Monday, expires Nov. 11 (Adds details on premium offered, context on acquisitions, quotes)

By Sarah White and Anthony Esposito

MADRID/SANTIAGO, Oct 12 (Reuters) - Spain's Gas Natural on Sunday said it would launch a $3.3 billion takeover offer for Chile's biggest electricity distributor Compania General de Electricidad (CGE), in a bid to boost its presence in growing Latin American markets.

The Spanish gas and electricity firm's all-cash offer of 4,700 pesos ($7.90) per share follows CGE's controlling shareholders agreeing to sell their combined 54.19 percent stake at that price.

As part of the deal with those investors, Gas Natural will launch an offer for the rest of the firm on Monday, marking its biggest ever foreign acquisition if it buys the whole of CGE.

The Spanish company has been looking to push further into Latin America, where it sees growth potential as European economies falter and tough energy reforms in its home market drag on profit.   Continuación...