SANTIAGO, March 15 Chilean industrial
conglomerate Copec has accepted a reduced $270 million
bid from holding group Quinenco for fuel company
Terpel's local assets, the companies said on Friday.
Copec and Quinenco, controlled by Chile's wealthy Luksic
family, had originally agreed to the sale for roughly $320
million, but antimonopoly measures ordered by the country's
Supreme Court pushed the companies to review the deal.
Chile's antitrust regulator rejected the bid last year,
citing the risk of higher prices due to lack of competition.
Quinenco controls Enex, the country's No. 2 gasoline
Terpel Chile's assets include 200 gas stations and 97
Once the purchase is completed within the next 90 days,
Quinenco said it has six months to comply with a Supreme Court
request to sell from 61 gas stations in the country.
"Quinenco's idea is to merge the Terpel Chile assets with
Enex and operate the gas stations under the license of Shell,"
Quinenco said in a statement.
The holding bought oil giant Royal Dutch Shell's
Chilean arm in 2011.