Chile's Colbun says not able to bid for Colombia's Isagen

Mon Jan 11, 2016 9:03am EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

SANTIAGO Jan 11 (Reuters) - Chilean energy company Colbun said on Monday that it will not be able to bid for a controlling stake in Colombian power generator Isagen on January 13.

"Due to the new deadlines established by the authority to present a bid and also in part because of a 21.5 percent increase in the minimum price, Colbun will not be in a position to present a bid on the scheduled date," the company said in a letter posted on its website.

Consortiums controlled by Colbun and Canada's Brookfield Asset Management were expected to bid for the 57.6 percent stake in Isagen on Wednesday. The stake is valued at around $1.94 billion. (Reporting by Anthony Esposito and Felipe Iturrieta)