SANTIAGO, Oct 11 (Reuters) - Spanish gas and electricity firm Gas Natural SDG SA will launch a takeover offer for Chilean electricity distributor Compania General de Electricidad SA, the South American company said late on Saturday.
CGE’s controllers, the Marin, Almeria and Perez Cruz families, inked an agreement with Gas Natural to sell the Spanish utility their combined 54.19 percent stake at 4,700 Chilean pesos ($7.92) per share.
According to the terms of the agreement, Gas Natural will launch an offer for all of CGE’s shares, and will need to acquire a minimum of 51 percent for the transaction to be successful, CGE said in a statement with Chile’s securities regulator.
CGE, which has a market capitalization of around $2 billion, said earlier this week that the shareholders had received a non-binding approach that could lead to a full offer, and had agreed for a due diligence report to be undertaken.
CGE owns a controlling stake in gas transporter Gasco SA . ($1 = 593.5800 Chilean Pesos) (Reporting by Anthony Esposito; Editing by Simon Cameron-Moore)