October 15, 2010
Bankers in Chile say that Codelco could be selling its 40% stake in energy
Bankers in Chile say that Codelco could be selling its 40% stake in energy subsidiary E-CL, formerly known as Edelnor, on the local exchange in late November. Analysts have estimated the stake to be valued at about $1.1bn. In September, the Chilean copper miner hired JPMorgan and Larrain Vial to explore strategic alternatives for the stake. Codelco co-owns E-CL with France’s GDF Suez, which holds a 52.4% stake, in addition to a 7.6% free float.