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Over in Chile, the state economic development agency (CORFO) has raised nearly $1 billion from the successful public sale of a 30% stake in its largest water utility, Aguas Andinas.
That did not stop the government from changing its mind at the last minute on the size of the stake it wanted to off load. In order to retain the power to veto major decisions at Aguas Andinas, the government realised it needed to maintain a majority of class ‘B’ shares, and announced on the eve of the international roadshow that it would be maintaining a 5% stake. The announcement came too late for the roadshow team, and the deal f lyers were printed with the original amount still showing.