Isagen Sale to Trickle Open

Colombia’s government will officially open the sale of its 57.66% stake in power generator Isagen today, it says, though the main portion of the sale in which a major domestic or international player might take control is likely to wait until next year. The initial phase opening today and running through January 20 offers up to 6% of the company to former or current Isagen workers, unions, union federations, pension funds, unemployment funds and family compensation funds, as required by law. The remaining portion would be sold in another offer following that period. The government is seeking COP4.99trn ($2.6bn) in total, offering 1.57bn shares at the previously announced price of COP3,178 each. Interested bidders include Colombians Grupo Argos and EEB, and foreigners Duke Energy and GDF Suez. A legal challenge to the sale process led by former Colombian president Alvaro Uribe is still in the process of being mounted.