SANTIAGO, March 15 (Reuters) - 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 distributor.
Terpel Chile’s assets include 200 gas stations and 97 convenience stores.
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.