MILAN, Sept 11 (Reuters) - Italian utility Enel said on Thursday it had made a binding offer to buy a 60.62 percent stake in Chile’s Enersis from its own Spanish unit Endesa for 8.25 billion euros ($10.66 billion) in a move to simplify operations.
Enel also proposed that Endesa then distributes an extraordinary cash dividend to shareholders for that same amount, Italy’s biggest utility said in a statement.
The reorganisation is focused on stripping out Endesa’s Latin American assets to give Enel more direct control over them as it tries to reduce debts. Enel owns 92.06 percent of Endesa.
1 US dollar = 0.7739 euro Reporting by Agnieszka Flak; Editing by Mark Trevelyan