Second Enersis Evaluation also Low

A second independent evaluation has low-balled the value of assets to be used in Enersis’ planned $8.02bn capital raise. IMTrust and Claro y Asociados, hired by the Chilean energy holdco at the behest of regulators, have determined that the assets parent Endesa plans to use to subscribe its share are worth $3.45bn-$3.62bn and $3.97bn-$3.91bn, respectively. This is lower than the $4.86bn claimed by Enersis, as was a $2.86bn-$3.41bn valuation arrived by a consultant hired by a group of Chilean pension funds that are minority holders and scoffed at the original proposal. Enersis board members are expected to evaluate both studies and call for a December shareholders meeting to vote on the deal which they are hoping to hold next year.