The Board of Inmet has already rejected the first offer by First Quantum, which is now making a hostile bid, directly contacting shareholders of IMnet.
Panamaamerica.com.pa reports that "... The multinational is seeking to gain control of the two mines operating in Panama, in a transaction that would exceed 5 billion dollars. The company made a direct appeal to shareholders of Inmet, and has already made first contact with a director of Petaquilla Minerals in Canada. "
The Spanish company has signed the sale agreement for $57.8 million in shares in the electricity distributors Disnorte and Dissur, to the Nicaraguan company Melfosur TSK-International.
From a statement by Gas Natural Fenosa:
Gas Natural Fenosa has sold its interests in electricity distribution companies in Nicaragua
The sale agreement includes holdings in the Nicaraguan companies Disnorte and Dissur for $57.8 million.
Authorities published the schedule of activities related to the sale of the majority stake of distribution companies Metro-Oeste, Chiriquí and Elektra Noreste.
The National Authority for Public Services has reported the preliminary program of activities that will be carried out in the Concurrency Competitive Act for the sale of a block of not less than fifty-one percent (51%) of the Shares of the Electricity Distribution Companies held by Private Investors.
MELFOSUR, is another Spanish company that has declared its interest in purchasing Gas Natural Fenosa in Nicaragua. The other potential buyer is TSK Electrónica y Electricidad.
Citing as an information sources from the website of the newspaper Nueva España, El Nuevo Diario reported that the Spanish companies, Montajes Eléctricos y Fomento del Sur (MELFOSUR) and TSK Electrónica y Electricidad are interested in acquiring 84% of the assets of Gas Natural Fenosa the distributor installed in Nicaragua.
While presidential advisor Bayardo Arce announced that the Spanish company has already sold its shares in the distributor Disnorte-Dissur, an industry spokesman has denied it.
Bayardo Arce Castano, economic adviser to the president of Nicaragua, announced yesterday that Gas Natural Fenosa had closed the sale of an 84% stake in Disnorte-Dissur-the remaining 16% belonging to the Nicaraguan state-without disclosing the buyer or the figures in the agreement.
An announcement has been made that the Nicaraguan subsidiary of Gas Natural Fenosa will probably sell its shares in the electricity distributors Dissnorte and Dissur.
Three companies are interested in marketing power in Nicaragua, and if an agreement is reached, the energy companies Disnorte-Dissur will have new owners.
According to the Energy Minister Emilio Rappaccioli among the companies interested are AEI, one of the largest generators in Nicaragua and the English company, ACTIS, owner of Aeolus in Nicaragua.
The invitation to bid for the purchase of the shares is limited to international companies specialized in telecommunications.
The bidding rules may be obtained in at Hondutel’s offices, in Tegucigalpa, until December 18th, with a cost of $500.
Bids will be received and opened on January 2nd, 2013.
Latribuna.hn remarks that “Hondutel authorities have promised that the act of opening the bids will be overseen by transparency institutions such as the National Anti-corruption Council(CNA) and the “Superior Court of Accounts (TSC)”.
The crisis of the distributor Gas Natural could lead to Albanisa’s entry into the business, controlled by pro-government interests.
Laprensa.com.ni reports that "the Minister of Energy and Mines, Emilio Rappaccioli, announced that they are close to reaching an agreement in the negotiations which the government and the power distribution company, Natural Gas have been holding over the last few months."
The Panamanian Financial company, which has had its activities suspended, is trying to get partners to inject capital, in order to address the identified shortfall of $11.5 million.
Panama's Supreme Court, in a decision challenged by financial market analysts, put the breaks on a reorganization of Financial Pacific, which had already been put into progress after being ordered by the Superintendency of Securities (VPS), leading the directors of the lender to seek the essential composition of capital, after what was reported as a criminal act by one of its officials.
Grupo Nutresa has announced a binding agreement to acquire for $110 million 100% of the Panamanian company American Franchising Corp., ice cream manufacturer.
A statement from Grupo Nutresa reads:
Grupo Nutresa reports that it has entered into a binding agreement to acquire 100% shares of the company American Franchising Corp. (AFC)
Fulfilling the reporting requirements contained in paragraph 9 of subsection a) of Article 5.2.4.1.5 of Decree 2555 of 2010, Grupo Nutresa reports that it has entered into a binding agreement to acquire 100% shares of the Panamanian company American Franchising Corp. (AFC) in the amount of $110 million, a company engaged in the business of Ice Cream in Central America.
The Canadian mining company Petaquilla Minerals Ltd has again rejected a takeover offer of $130 million from Inmet Mining Corp.
The offer, 19% higher than Inmet’s offer in September, "still does not match the appropriate value for the Petaquilla shares ", the company said.
The statement adds that Petaquilla Minerals will continue to explore strategic alternatives, including negotiations with third parties for a potential deal.
The immobilization of bearer shares planned by the government of Panama in order to meet OECD requirements, has opened up business opportunities for banks.
The "Bill to adopts a system of custody for shares issued to the bearer" being studied by the Martinelli administration, includes the creation of the position of custodian of bearer shares, which could be a lawyer, a bank , a brokerage firm or fiduciary who knows and has separate records of the owners of these instruments. Failure to have these records would mean fines for custodians.
The deal, which is still subject to bank approval, will mean the Honduran group will have raised $50 million from the Inter-American Corporation for Investments.
An article in reports Laprensa.com that the negotiations began two months ago, when the entrepreneur Freddy Nasser of Terra Group approached Joaquín Cuadra Lacayo, president of Blue Power & Energy, "to sound out the business opportunity.
Due to the classification of TECO Guatemala as discontinued operations, TECO Energy is revising its earnings-per-share guidance from continuing operations for 2012 to a range between $1.10 and $1.20, excluding charges or gains.
TAMPA, September 28, 2012
TECO Energy (NYSE: TE) today announced that its international power subsidiary, TECO Guatemala, has entered into separate agreements to sell all of the equity interests in the Alborada and San José power stations and related solid fuel handling and port facilities in Guatemala for a total purchase price of $227.5 million in cash. The purchaser of the Alborada Power Station is Sur Electrica Holding Ltd. (SUR). The purchaser of the San José Power Stations and related solid fuel handling and port facilities is Renewable Energy Investments Guatemala Ltd. (REIN), a wholly-owned subsidiary of SUR. SUR and REIN are international companies organized under the laws of the Commonwealth of the Bahamas.
Panama's government has rejected a request to reject exploration permits and mining operations at the San Juan area.
Inmet Mining asked the Department of Mineral Resources of Panama to reject all applications for exploration and exploitation of mineral concessions affecting Minera Panama, a subsidiary of Inmet Mining. This request includes in particular include the San Juan concession, of 11.145 acres, operated by Petaquilla Minerals, a company which Inmet Mining is currently attempting to buy through a hostile bid.