Isagen suitors grow

Brazil’s Cemig is reported to have joined bidding for Colombian power generator Isagen, in a government sale of 57.7% of the asset, after Grupo Argos pulled out last week. A spokesperson at the Colombian finance ministry declined to comment on the potential purchasers, saying that the authority was reviewing the information that had been submitted and would likely have further updates at the end of the month. The finance ministry last year put its stake in the firm up for sale, targeting COP3,178 ($1.55) per share. Grupo Argos said last week it had decided not to bid for the asset. The Colombian firm said that after analyzing the potential investment closely, the potential returns wouldn’t create value for Argos shareholders at the offering price. Market volatility also made it an unappetizing time to participate, Argos said. EEB said last year it was also bidding for the asset. Duke Energy and GDF Suez have also been reported to be involved. Isagen workers, unions, union federations, pension funds, unemployment funds and family compensation funds have already been offered shares.