July 12, 2011 / 2:18 PM / 6 years ago

UPDATE 1-Ontario Teachers' Pension Plan to bid for stakes in Chile utilities

July 12 (Reuters) - The Ontario Teachers’ Pension Plan (OTTP), one of Canada’s largest, plans to increase its majority stakes in two Chilean water utilities through an auction to be held later this week.

CORFO, a Chilean government agency, is auctioning its stakes in Essbio S.A. and Esval S.A. After the auction, the government will own 5 percent of each utility.

The utilities operate drinking water and sewage treatment facilities.

Teachers’ owns about 51.1 percent of Essbio and 69.8 percent of Esval and is a member of the controlling group that intends to buy CORFO’s interests in the utilities. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Maju Samuel)

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