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    CGE   CLP306321066

COMPAÑÍA GENERAL DE ELECTRICIDAD S.A.

(CGE)
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Compañía General de Electricidad S A : Chile regulator approves $3 billion Chinese takeover of Naturgy unit

03/31/2021 | 05:59pm EDT
FILE PHOTO: The logo of Spanish energy company Naturgy at its headquarters in Madrid

SANTIAGO (Reuters) - Chile's competition regulator on Wednesday approved a $3 billion takeover by China's State Grid International Development of Spanish power company Naturgy's Chilean unit Compania General de Electricidad (CGE).

Spain's Naturgy said last November it had agreed to sell 96% of Chilean unit CGE to China's State Grid for 2.57 billion euros ($3 billion), amid rising investment from the world's second largest economy in South America.

Chile, the world's top copper producer, counts China as its most important trade partner.

Chile's Fiscalía Nacional Económica (FNE), the country's antitrust authority, said in a statement that it had given its unconditional approval for the deal, saying that it did not substantially affect competition in the power sector.

CGE is mainly engaged in the transmission and distribution of electric power and owns distribution concessions in 11regions of the Andean country.

(Reporting by Fabian Cambero; Writing by Adam Jourdan; Editing by Jonathan Oatis)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
COMPAÑÍA GENERAL DE ELECTRICIDAD S.A. 0.00% 1165.7 End-of-day quote.27.37%
NATURGY ENERGY GROUP, S.A. -0.27% 22.5 Delayed Quote.18.67%
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Financials
Sales 2020 1 762 B 2 319 M 2 319 M
Net income 2020 61 568 M 81,0 M 81,0 M
Net Debt 2020 1 196 B 1 574 M 1 574 M
P/E ratio 2020 30,0x
Yield 2020 1,01%
Capitalization 2 355 B 3 067 M 3 099 M
EV / Sales 2019 1,33x
EV / Sales 2020 1,73x
Nbr of Employees 1 188
Free-Float 3,10%
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Managers and Directors
Iván Quezada Escobar Chief Executive Officer
Pablo Tomás Sánchez Univazo Finance Manager
Antonio Gallart Gabas Chairman
Luis Zarauza Quirós Director
Ramon Trepat Font Director
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