By Graciela Ibanez
Chile's pension-fund manager regulator released Friday details
on the stakes the country's largest institutional investors,
private pension-fund managers or AFPs as they're locally known,
held in Enersis SA (ENI, ENERSIS.SN) as of July 25.
Chilean energy holding company Enersis plans to conduct a
disputed capital increase of up to $8.02 billion in which the
firm's controller, Spanish Endesa SA (ELEZY, ELE.MC), would
contribute with $4.86 billion in assets such as stakes in Latin
American utilities and minority shareholders would put in the
remaining $3.16 billion in cash.
The AFPs, which have strongly opposed the deal, are among
minority shareholders with a combined 13.6% stake in Enersis as of
June 30.
The AFPs held a combined $1.68 billion or 1.13% of their funds
in Enersis, the regulator said. They also held $1.98 billion or
1.34% of their portfolio in Chile's largest energy company, Empresa
Nacional de Electricidad SA (EOC, ENDESA.SN), which is controlled
by Enersis.
AFP Habitat SA (HABITAT.SN) and AFP Provida SA (PVD, PROVIDA.SN)
are the two most exposed to Enersis and Endesa among the six
private pension-fund managers.
Some minority shareholders fear the proceeds from Enersis's
capital increase would be used to pay down debt at Spanish Endesa
or its controller, Italian Enel SpA (ENEL.MI).
Enersis and its parent companies, meanwhile, have said the
proceeds will be used to finance the Chilean holding company's
Latin American expansion.
Write to Graciela Ibanez at graciela.ibanez@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires