Quinenco Can’t Have Terpel: Regulators

Chile’s antitrust regulator has rejected Quinenco’s $315m purchase of fuel distributor Terpel Chile, it says, citing a risk of higher prices due to lack of competition. Colombia’s Terpel agreed to sell its Chilean operations in September for UF6.7m ($315m), and the Luksic group’s Quinenco had planned to incorporate Terpel in to the Shell Chile assets it had acquired earlier in the year. JPMorgan had advised Terpel and Santander did the same for Quinenco. Terpel has 200 gas stations and 97 convenience stores in Chile. Regulators are still making Terpel sell its Chilean assets because of its already-high participation in the fuel market.