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4-Traders Homepage  >  Equities  >  SANTIAGO STOCK EXCHANGE  >  Empresas Copec SA    COP   CLP7847L1080

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Chile Supreme Court Approves Copec's Terpel Sale to Quinenco

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01/02/2013 | 10:45pm CEST

Chile's Supreme Court on Wednesday said it approved holding company Quinenco SA's (QUINENCO.SN) acquisition of the local assets of Colombian fuel company Terpel. Terpel is indirectly controlled by fuel and forestry conglomerate Empresas Copec SA (COPEC.SN).

The Supreme Court revoked an April ruling by Chile's TDLC antitrust court, which rejected the deal due to concerns that both Copec and Quinenco had a high rate of participation in the Chilean fuel market.

Quinenco agreed in September 2011 to buy Terpel Chile's assets for $320 million from Copec, which needed to sell certain assets to be in compliance with Chilean competition regulations.

Quinenco's purchase of Royal Dutch Shell PLC's (RDSA, RDSA.LN, RDSB, RDSB.LN) local business, however, didn't make it a suitable buyer, according to the TDLC.

In a unanimous decision, the Supreme Court's five members revoked the TDLC ruling but set some mitigation measures, such as requiring the sale of some Quinenco's or Terpel's gas stations, to encourage competition.

Write to Graciela Ibanez at graciela.ibanez@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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Financials ($)
Sales 2016 17 790 M
EBIT 2016 959 M
Net income 2016 605 M
Debt 2016 4 632 M
Yield 2016 1,76%
P/E ratio 2016 20,09
P/E ratio 2017 18,14
EV / Sales 2016 0,93x
EV / Sales 2017 0,82x
Capitalization 11 896 M
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Buy
Mean consensus HOLD
Number of Analysts 12
Average target price 10,1 $
Spread / Average Target 12%
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Managers
NameTitle
Eduardo Navarro Beltrán Chief Executive Officer
Juan Andrés Camus Camus President
Roberto Angelini Rossi Chairman
Rodrigo Huidobro Alvarado Chief Financial Officer
José Tomás Guzmán Dumas Vice Chairman
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