The actions of the REN are to value 2,16% to 2,665 euros, after the company revealed it has reached an agreement to buy 42,5% of the share capital of the Electrogas SA to Enel Origin Chile for 180 million dollars, more than 172 million euros.
according To the information provided, this company has a pipeline in the central zone of Chile (165,6 km in length, which has great relevance to the country. The gas pipeline “connects the regasification terminal in Quintero Santiago (the capital and the largest population centre of chile) and Valparaiso (one of the most important ports of Chile),” according to information sent to the CMVM.
This business is seen as “positive” by analysts, who considered it to be in line with the strategic plan of the company.
“The strategic plan of REN 2015-2018 provided for the implementation of international investments up to 900 million euros,” stresses CaixaBI in a research note released this Monday. “The investment has now been announced is part of a strategy announced and the acquisition was performed outside of Portugal”.
Also, the BPI points out that the operation is “positive” for the REN, this being the first time that the company “is unable to perform an international acquisition”, ensuring an agreement that “aligns with its current strategic plan”.
in A note signed by Bruno Silva, Flora Trindade and Gonzalo Sanchez-Bordona, the BPI points out that, despite not having been published financial data for the Electrogas up to the present time, “we hope that this business meets the stringent requirements of profitability established by REN”. In addition, in terms of financial impact, the REN already expected a cash flow generation of approximately 150 million euros during the period 2015-2018 “by which the acquisition must not constitute a threat to the current dividend policy attractive”, anticipated by the analysts.
in Spite of the climb of today, the actions of the REN still down 4.6 percent since the beginning of the year.
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