By Cecilia Butini
Enel SpA said Tuesday that its Chilean subsidiary Enel Americas SA is seeking approval for a merger of the group's renewable assets in some Central and South American countries.
The proposed restructuring--which is supposed to increase Enel's stake in Enel Americas--seeks to integrate the Enel Group's non-conventional renewable assets in Argentina, Brazil, Colombia, Costa Rica, Guatemala, Panama and Peru into Enel Americas, the company said.
The merger will allow for simplification of the group's corporate structure and will align Enel Americas's business set-up to the rest of the group, Enel said.
Enel has expressed a favorable preliminary opinion to the reorganization, it said, provided that it ensures a financial position to Enel Americas to allow for future development of the renewable business.
The company also said the final terms and conditions of the transaction will need to be submitted for approval to the shareholders meeting of Enel Americas.
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