JP Morgan receives Edenor offers
Bnamericas Published: Tuesday, May 17, 2005
Investment bank JP Morgan received offers on Monday for a stake in Buenos Aires power distributor Edenor, which French owner EDF is seeking to sell, local press reported. Press reports differ over how many companies visited the data room, but concur on four names: Argentina's Dolphin Group and Pegasus Fund, Brazilian fund GP Investimentos and US fund Leucadia. Other interested parties are reportedly the Latin American Energy Fund, investment bank Calyon and the owner of local engineering company Emgasud, businessman Alejandro Ivanissevich, who is reportedly also negotiating the purchase of a stake in natural gas concessionaire Metrogas from British Gas. EDF owns 90% of Edenor, which serves 2.2 million clients in the northern part of Buenos Aires. It is not certain if EDF will divest from the company altogether or remain as a minority shareholder or technical operator. EDF's decision would depend on how much bidders offer for what stake in the distributor, how they propose renegotiating the US$500mn debts that Edenor carries and if they can achieve a tariff hike.
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