As part of CGE’s corporate structure reorganization, in 2016 CGE disclosed the plan of its main shareholder, Spanish company Gas Natural Fenosa S.A. in terms of simplifying the corporate structure and separating the lines of business, in order to improve the corporate governance of the group of companies comprising CGE, to seek for efficiencies and optimization of processes and to create an integrated organization.
The first step of this corporate reorganization for year 2017 consisted in the merger of two natural gas companies within the group, CGE Gas Natural S.A. and Gas Natural Chile S.A. The surviving company retained the corporate name of CGE Gas Natural S.A. This was informed the 31st of May to the Superintendencia de Valores y Seguros (“SVS”).
It is important to mention that in accordance with the Law, this merger gives dissenting shareholders appraisal rights, and require the application of related party transactions rules, including the review of independent evaluators and the opinion of board members.
Counsel to CGE: Guerrero Olivos. Leading partners: Roberto Guerrero V. Email: [email protected]. and Jorge Delpiano. Email: [email protected]. Associates: Tomás Kubick. Email: [email protected], Josefina Hübner. Email: [email protected], Tomás Montes. Email: [email protected], and César Gálvez. Email: [email protected]
In-house counsels of CGE: Rafael Salas, Pablo Silva and Paula Romero.
Date of closing
Aggregated value: US$760 million.
Chile and Spain