Copec Prepares Proenergia Tender

As part of its ongoing takeover of Colombian fuel distributor Terpel, Compania de Petroleos de Chile (Copec) is set to launch an up to COP540.9bn ($304m) buyback offer to shareholders of Proenergia. Copec holds 56.15% of Proenergia, and is offering holders COP9,280 per share for the remaining 43.85%, or 58.29m shares. The offer is open February 27 through March 9. Copec 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. Copec has already agreed to buy Corficolombiana’s 9.99% stake in Proenergia, it says. Corredores Asociasos is managing the process. Proegnergia shares were at COP8,760 Friday. Copec acquired an initial 47.2% stake in Proenergia when it bought the assets of AEI in Colombia last year.