M&A war hots up in Chile

The battle for control of Chilean water utility Esval is gaining momentum. It will not necessarily remain just a two-horse race.

Japanese trading houses Mitsui & Co. and Marubeni Corp. are vying to buy Chilean water utility Esval and its subsidiary Aguas del Valle from local financial group Consorcio Financiero for about $700 million, sources close to the deal say.

Toyko-listed Marubeni is seeking to add to its 2006 purchase of Aguas Décima, which it bought for $38 million from Spain ...

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