The Italian company Enel Green Power will be selling its stake in the geothermal electricity station LaGeo, which could end to the dispute between the company and the Salvadoran government.
As outlined in an article on Laprensagrafica.com, a transfer of the 36.2% stake belonging to Enel has been valued at $280 million, payable via a trust based on the future flows from LaGeo, an instrument which must be operational before December 15th, 2014.
For a total of $305 million, the company from Colombia has acquired more than half of the assets of the French multinational Lafarge in Honduras.
"We have acquired facilities which have extraordinary efficiency and quality in the target region, but also under economic conditions which are attractive and have high growth potential," said Jorge Mario Velasquez, president of Argos.
The Commission to Promote Competition in Costa Rica has approved the purchase of 100% of the shares of the company Incesa by OC International Hondings.
Elfinancierocr.com publishes "The request made by OC International was presented on May 7 and once the required documentation had been submitted they proceeded to analyze the appropriateness of the transaction in the light of the provisions of the Competition Act."
The Italian consortium Enel has filed a case against the Salvadoran State with the ICSID over a dispute on equity interest in the geothermal plant.
The case was filed with the International Centre for Settlement of Investment Disputes (ICSID).
The lawsuit, according to the company, is due to the government trying to be more involved in LaGeo, and also because they believe they have been denied their legitimate rights.
Organización Corona has announced the signing of an agreement to acquire the majority of Incesa's shares and the brand American Standard for Central America.
The Colombian company, which specializes in the manufacturing and marketing of building materials, expects that the transaction will be formalized in the third quarter of 2013, following the approval of the authorities of each country.
After selling to Mapfre a 65% stake in its insurance business in Panama in 2009, Grupo Mundial is now using its option to sell the remaining 35%.
On 29th March a meeting of shareholders approved the sale, estimated $85 million.
"According to a statement the funds will be used for the cancellation of a loan agreement with Mapfre America for $34 million, the partial redemption of preferred and private shares, common dividend payments outstanding at $0.25 per share, and operating cash flow for Grupo Mundial Tenedora," reports Capital.com.pa.
CEL has filed a motion to quash the ruling that would allow Enel to have a majority stake in LaGeo geothermal plant.
Tóchez Irving, president of the Commission of the Lempa River Hydroelectric Executive, said: "It is inappropriate to put a country’s strategic resource, such as a geothermal plant, into private hands," when presenting the proceedings before the court of appeals in Paris, France.
AviancaTaca´s share issue exceeded $1.5 billion dollars, more than five times the initial offering of approximately $250 million dollars.
Yesterday, AviancaTaca´s share issue in the Colombian market ended with extreme success. Even with preliminary results, the requests for shares exceeded $1.5 billion dollars, more than 5 times the initial offering of approximately $250 million dollars.
The American financial giant GE Money is negotiating to buy more shares in the Bank of Central America (BAC Credomatic) over the medium term.
In 2006 the two firms signed an agrement under which GE Money would acquire 49.99 percent of BAC's capital.
Edmundo Vallejo, president of GE Money Latin America, said there is a possibility of buying more BAC shares, and to consolidate their operations.
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