Corfo Set to Retry Essal Sale

Corporacion de Fomento de la Produccion (Corfo) is planning to sell Friday 387.7m shares of water utility Essal, it says, after attempting a similar follow-on in December. The deal should raise at least CLP42.65bn ($88m), based on a minimum per-share price of CLP110. As part of a broader selldown program among Chilean state-owned entities, Corfo had been looking to reduce its 40% ownership of Essal to about 5%. It launched a sale in December, but had to pull the plug after failing to meet a minimum price. Corfo has also sold positions in Aguas Andinas, Essbio and Esval. Banchile and IMTrust are managing Thursday’s sale.