The Enel Group is set to integrate its subsidiaries in Central and South America into a single brand.
The development follows the Board of Directors of the group’s Chilean listed subsidiary Enel Américas S.A. approving a merge with other subsidiaries.
This means current non-conventional renewable assets of the Enel Group in Argentina, Brazil, Colombia, Costa Rica, Guatemala, Panama and Peru will be integrated into Enel Américas.
The integration allows for further simplification of the Group’s corporate structure and aligns Enel Américas’ business set-up to the rest of the Group.
The merger allows an increase of Enel’s stake in Enel Américas, as well as ensures a resilient financial position of Enel Américas that fuels the future development of the renewable business and growth prospects of the company.
The integration now awaits an amendment of the by-laws of the latter by the shareholders’ meeting to remove the existing limitations whereby a single shareholder may not hold more than 65% of the voting rights.
The said shareholders’ meeting shall also approve the merger as transaction with related parties in compliance with the applicable laws and regulations.