Niagara Energy is launching a bid to buy up to the entirety of shares in Enel Generacion Peru, a South American power generation subsidiary of Italian utility Enel, the Lima stock exchange said in a statement on Thursday.
Enel had in November announced a deal to sell the unit for around $1.4 billion.
The offer is priced at $0.47 per share, is valid for 20 days and is conditional on some 87% of shares being sold, the exchange said.
The offer marks a discount from Enel Generacion Peru’s current share price, which closed on Wednesday at 2.11 soles ($0.57) and by 11:00 a.m. (1600 GMT) on Thursday was down 6.2% at 1.98 soles ($0.53) per share.
The deal comes after Peru’s antitrust regulator last month approved the sale of Enel’s Distribution Peru and Enel X Peru units to China’s Southern Power Grid International, a transaction it announced nearly a year ago for some $2.9 billion.
Source: Reuters.com