Nov. 9 (Bloomberg) -- Chile’s Empresa Electrica del Norte Grande SA rose in Santiago trading, posting the biggest two-day gain in two months, after its controlling shareholders agreed to combine their northern Chilean energy assets into the company.

The Santiago-based electricity producer known as Edelnor gained 2.8 percent to 1,004. The shares have risen 8 percent since Nov. 5, the steepest two-day advance since September.

Codelco, the world’s largest copper producer, said it reached an agreement with Paris-based GDF Suez, the operator of Europe’s largest natural-gas network, to merge their northern Chilean energy assets into Edelnor, according to a Nov. 6 statement. GDF Suez will pay Codelco $172.5 million to acquire a controlling interest of 52.4 percent in Edelnor which will control about half of the power capacity on Chile’s northern grid.

“The current share price doesn’t completely reflect the value of minority participation in the combined company,” William Baeza, an analyst at Euroamerica Corredores de Bolsa SA, wrote today in note to clients. “We still see space for Edelnor’s share price to continue rising.”

To contact the reporter on this story: Nathan Gill in Santiago at ngill4@bloomberg.net

Last Updated: November 9, 2009 15:21 EST