OTPP to participate in Essbio, Esval auction

Tuesday, July 12, 2011

Ontario Teachers' Pension Plan (OTPP) will participate in the July 15 auction by Chile's state development agency Corfo to sell the majority of its stake in two water utilities.

The organization is a member of the utilities' controlling group and currently owns some 51.1% of Essbio and 69.8% of Esval, OTPP said in a release.

The members of the controlling group intend to purchase all of the shares being offered by Corfo, the release said.

Start your 15 day free trial now!


Already a subscriber? Please, login

The Chilean government will retain a 5% share in each of the utilities, in order to maintain its veto power over operations involving water rights transfers and concessions.

The government collected some US$984mn in the sale of its 30% stake in the country's largest water utility, Aguas Andinas, on June 15.

OTPP had C$108bn (US$111bn) in assets as of December 31, 2010.