Enel Unveils €1 Billion Buyback as Chile Unit Soars 7%

Italian utility Enel SpA announced it will repurchase up to €1 billion (about US$1.14 billion) of its own stock, reaffirming its full-year guidance as it seeks to boost investor returns. The board authorised the programme after recent asset sales and debt-reduction moves gave the company additional financial flexibility. The plan spilled over to its Latin American subsidiary, Enel Américas SA, which called an extraordinary shareholder meeting for 28 August to request approval for buying back as much as 4 percent of its outstanding shares. The purchases would be carried out within 90 days of the meeting at a price no higher than 15 percent above the weighted average of the past 90 trading sessions. Enel Américas shares jumped roughly 7 percent to 97 Chilean pesos in Santiago on Thursday, leading the local market on heavy trading volume. The parent company said the programme is intended to provide “additional compensation” to shareholders while maintaining its previously issued earnings outlook.