Quinenco completes Terpel deal to create Chile's second largest fuels distributor

Chilean industrial conglomerate Quinenco said that it has completed its acquisition of Terpel Chile from local rival Empresas Copec for Chilean Peso 120.9 billion (US$239.7 million).
The deal covers more than 200 service stations and 90 convenience stores.
Together with the Shell chain of service stations purchased in 2011, Quinenco’s energy business ENEX will control around 450 service stations throughout the country, making it Chile’s second largest fuels distributor with around a quarter of the market share.
With the deal now closed, the company, controlled by Chile’s wealthy Luksic family, has six months to sell 61 of its service stations under an arrangement with authorities to approve the deal.
Copec, which sells almost 60% of the fuel sold in Chile, put the Terpel assets on the market in 2011 to comply with competition rules after taking over Colombian parent company Organizacion Terpel in a bid to diversify internationally.
Last year, Chile consumed 15.9 million cubic meters of liquid fuels.
(June 28, 2013)