December 20, 2012 / 6:25 PM / 5 years ago

Chile Enersis shareholders approve around $5.898 bln cap hike

SANTIAGO, Dec 20 (Reuters) - Shareholders of Chile’s Enersis on Thursday approved a controversial planned capital increase of roughly 5.898 billion, the biggest in the country’s history, that will position Enersis as the region’s leading energy group.

The approval caps a months-long tussle between Chile’s powerful pension funds and Enersis over the amount of the capital hike, intended to fund acquisition opportunities and raise stakes in firms in which it already has a participation.

The increase was originally set at $8.02 billion, but minority shareholders argued that assets Enersis’ parent company, Spanish energy company Endesa, planned to use to subscribe to its portion of the share issue were overpriced.

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