Chilean Stocks: Endesa, Lan Airlines and Molibdenos & Metales
The following companies are having unusual price changes in Chilean trading. Stock symbols are in parentheses and prices are as of 12:37 p.m. in Santiago.
Empresa Nacional de Electricidad SA (ENDESA CC) gained 1.8 percent to 772 pesos, heading for the steepest rise in two months. Chile’s largest power generator was reiterated “buy” at Banco Santander SA after fourth-quarter profit beat Santander’s estimate by 9.2 percent.
Lan Airlines SA (LAN) (LAN) (LAN CC) rose for a third day, climbing 0.2 percent to 12,300 pesos. Latin American’s biggest airline by market value said it probably will close a merger with Brazil’s Tam SA in April after Chile’s Supreme Court rules in March on Lan’s appeal of antitrust measures. Synergies from the tie-up, estimated at $200 million to $400 million in the first year, probably will start from May, Chief Financial Officer Alejandro de la Fuente said today during a conference call.
Molibdenos & Metales SA (MOLYMET CC) advanced 5.4 percent to 7,399.9 pesos, heading for the biggest gain since Aug. 11. Molymet, as the world’s largest processor of molybdenum is known, signed an agreement yesterday to buy a 13 percent stake in rare-earth miner Molycorp Inc. (MCP) for $390 million.
To contact the reporter on this story: James Attwood in Santiago at Jattwood3@bloomberg.net
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