Copec Seeks Higher Stake in Proenergia

Compania de Petroleos de Chile (Copec) has notified Colombian regulators that it plans to acquire an additional 9.99% of Proenergia Internacional for COP123.2bn ($61.6m). The Chilean energy company has an established agreement to buy the stake, or 13.3m ordinary shares, from Corporacion Financiera Colombiana. It will carry out the transaction through the Colombian exchange by launching a public offer at COP9,280 per share, Copec says. The company already owns 56.15% of Proenergia. Officials at Copec or the Corporacion Financiera Colombiana could not immediately be reached for further comment. Corredores Asociados was retained by Copec, while the Sociedad Comisionista de Bolsa will advise the Corporacion Financiera Colombiana. Copec acquired an initial 47.2% stake in Proenergia when it bought the assets of AEI in Colombia last year.