Pensions Claim Lower Value for Endesa Assets

The assets that Spain’s Endesa intends to use in a capital increase for its Enersis unit are worth $2.86bn- $3.41bn, a consulting firm hired by Chile’s pension funds says, less than the $4.86bn value proposed by Endesa. The assets are going into an $8.02bn capital increase for the Chilean energy group, a transaction that has raised concerns among pension funds and other minority holders, as well as regulators. The valuation used methodology that “corresponds to the value a third party would be willing to pay on the market” for the assets consultant Econsult says. At regulators’ behest, Enersis has hired local investment bank IM Trust and Claro y Asociados to act as its own independent appraisers for the assets, with results expected as soon as this week.