OTPP to participate in Essbio, Esval auction

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. 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.