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Demarest e Almeida Advogados - Biblioteca

Colombia

Public tender offer launched for majority stake in Epsa

Source: Business News Americas - English News
Provider: Business News Americas November 20, 2009 (14:19) Colombia,
Wednesday, November 18, 2009 .- Colombian firms Fideicomiso P.A. Colener II,
Inversiones Argos and Banca de Inversin Bancolombia have launched a public
tender offer for a majority stake in local generator Epsa, controlled by Spain's Gas
Natural.
The firms are offering 9,164.84 pesos (US$4.69)/share for a minimum stake of
50.1% (173,697,381 shares or US$815mn) and a maximum of 66.1%
(229,161,720 shares or US$1.075bn), according to the offer's announcement.

Fideicomiso P.A. Colener II's participation in the offer is 74.1%, while Inversiones
Argos and Banca de Inversin Bancolombia have 22.8% and 3.07%, respectively.

The offer runs through December 7.

Epsa's installed capacity reaches 933MW hydro and 210MW thermo, while hydro
projects under development total 234MW.

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