Chile corporate investment abroad hits 9-year high http://today.reuters.com/news/articleinvesting.aspx?type=companyNews&storyid=209877+06-Feb-2007+RTRS
Tue Feb 6, 2007
SANTIAGO, Feb 6 (Reuters) - Chilean companies invested more money abroad in 2006 than in any year since 1997, with Colombia the leading destination and retail the biggest spending sector, the Santiago Chamber of Commerce said on Tuesday.
Chilean corporate investment abroad totaled $2.39 billion, 59 percent higher than in 2005, it said in a statement.
It was the highest investment level since 1997, when $4.73 billion was invested abroad.
Colombia accounted for 23 percent of the total, followed by Australia with 21 percent and Argentina with 17 percent.
Thirty percent of the total was invested by retailers, including Falabella (FAL.SN: Quote, Profile , Research), Cencosud (CEN.SN: Quote, Profile , Research) and Parque Arauco (PAR.SN: Quote, Profile , Research).
Energy companies accounted for a quarter of the total. Electricity generator Enersis (ENE.SN: Quote, Profile , Research) was active in Colombia and Peru, and state oil company ENAP invested in Ecuador.
Latin America accounted for 71 percent of all Chilean corporate investment abroad.
"The evident improvement in the economic situation (in Latin America), due to the high price of commodities, acted as a clear incentive to put together new investment plans in local markets, the chamber said.
The surprisingly high investment figure for Australia was due almost entire to the activity of London-listed mining company Antofagasta Minerals (ANTO.L: Quote, Profile , Research), and in particular its purchase of Equatorial Mining Limited (EQM.AX: Quote, Profile , Research).
© Reuters 2007. All Rights Reserved.