Endesa, a Chilean power generator controlled by a Spanish utility
of the same name, will move all of its Brazilian assets into a new
holding company known as Endesa Brasil. The unit, valued at US$1.35
billion, will control electricity companies in Rio de Janeiro and Ceara
states. Endesa expects Endesa Brasil to streamline the group's
capital structure in Brazil, stabilize cash flow in South America,
improve access to third-party financing and better position itself to
jump on new business opportunities in Brazil. Traditionally,
Spain's Endesa directly controlled its Latin American investments
from Chile.
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