The government of Chile will keep a 5% stake in four water utilities it is seeking to sell, to retain the right to veto operations, The Wall Street Journal reports. Chile is planning to sell a 35% stake in Aguas Andinas, 43.4% in Essbio, 45.5% in Essal utilities and 29.4% in Esval. The veto power will be used by the government in issues, such as water rights transfers and utilities concessions. The proceeds, which are estimated to be about $1.6 billion, may be used for reconstruction following the 2010 earthquake and to finance other state companies, including Corporacion Nacional del Cobre de Chile.
Click here for the story from The Wall Street Journal.
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