Dec. 29, 2014, 4:49 PM
- Gazprom (OTCPK:OGZPY) is buying out the 50% stake in South Stream Transport project it didn't own from partners ENI, BASF (OTCQX:BASFY), and EDF, following Vladimir Putin's Dec. 1 decision to cancel the South Stream pipeline project, citing EU objections.
- The purchase price hasn't been disclosed, but ENI, BASF, and EDF have said they're recovering their investments. South Stream, which aimed to transport gas across the Black Sea from Russia to Bulgaria (and thus bypass Ukraine), was expected to have a $40B+ price tag if finished.
- Following Putin's move, Gazprom has proposed building a Black Sea pipeline that would deliver gas to Southern Europe via Turkey.
Sep. 12, 2014, 7:37 AM
- Italy's Enel (OTCPK:ENLAY) has made a binding offer to buy a 60.6% stake in Chile's Enersis (NYSE:ENI) from its own Spanish unit Endesa (OTC:ELEZF) for €8.3B ($10.7B).
- The reorganization is aimed at reducing Endesa's Latin American assets, giving Enel more direct control over them as it tries to reduce debts. It could also help raise Enel's net income by around €70M-80M.
- Following the purchase, Enel proposed that Endesa distribute an extraordinary cash dividend to shareholders equal to the value of the sale.
Enersis SA is an electricity utility company, which engages in the exploitation, distribution and transformation of energy directly or through its subsidiaries and affiliates. It also engages in the telecommunications and engineering consultancy services in Chile. The company operates through... More
Industry: Foreign Utilities
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