Enersis launches $645m bid for Coelce

Enersis launches $645m bid for Coelce

M&A

Enersis has started spending some of the $2.4bn stockpile of acquisition cash which it raised in its 2013 equity sale. The Chilean energy distributor and generator announced on Wednesday a tender offer for the shares of Brazilian firm Companhia Energetica do Ceara (Coelce) that it does not own. Enersis launched a tender offer for any and all of Coelce’s shares, offering BRL49 a piece — a 20.1% premium to the volume weighted average price over the past 30 days. Investors have until February 17 to

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