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| Cintra sells 60% of its Chilean subsidiary to ISA Spanish toll road operator Cintra agreed to sell 60% of its stake in Cintra Chile to the Colombian ISA Group. The transaction amounts to approximately 209 million euros, since the agreed price is 7,150,000 UF (Unidades de Fomento, the inflation-adjusted unit of account used in Chile). The parties have granted each other call and put options on the other 40%. The transaction is conditional upon giving the pertinent notifications and obtaining the necessary authorisations in Spain, Colombia, Chile and other jurisdictions where the parties are located. The consolidated net after-tax gain from the transaction is estimated at approximately 250 million euros (including both the sale of 60% of Cintra's stake and the exercise of the call/put options). That gain will be recognised in 2010, following the pertinent authorisations and registrations. write your comments about the article :: © 2009 Construction News :: home page |