Copec Spends $300m in Colombian Tender

Chilean fuel distributor Compania de Petroleos de Chile (Copec) has increased its stake in Colombian distribution company Proenergia to 98.24%, after spending COP519bn ($295m) in a public tender offer, it says. As part of its ongoing takeover of Colombian fuel distributor Terpel, Copec has bought 55m shares at COP9,280 each, in the offer launched February 27 and closed March 9. Copec has said plans to use its own resources to fund the purchase, and says it has $125m-equivalent in credit guarantees from three Chilean banks. Proenergia controls 52.78% of Sociedad de Inversiones en Energia, which in turn controls Terpel. Corredores Asociasos managed the tender process. Copec acquired an initial 47.2% stake in Proenergia when it bought the assets of AEI in Colombia last year, and has been adding to it since, including buying a 10% position held by Corficolombiana.