Enel has kicked off a corporate reorganisation to integrate its renewables businesses in central and south America into Chilean subsidiary Enel Americas.
The Enel Americas board of directors agreed approval of a merger to carry out the reorganisation process.
The corporate reorganisation will comprises a series of transactions, resulting in a merger, to bring Enel’s renewable assets in Argentina, Brazil, Colombia, Costa Rica, Guatemala, Panama and Peru, into Enel Americas.
The transaction, which is consistent with Enel’s strategic objectives, allows for “further simplification” of the group corporate structure and aligns the Enel Americas business set-up with the rest of the group, Enel said.
The merger will result in an increase in Enel’s stake in Enel Americas.
It will require the amendment of the by-laws of the latter by the shareholders’ meeting to remove the existing limitations whereby a single shareholder may not hold more than 65% of the voting rights.
The shareholders’ meeting will also approve the merger as a transaction with related parties in “compliance with the applicable laws and regulations”.