NEWS: Sampras, an American power company, is close to Chile's business

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American power company Sempra Energy (SRE.N) is close to reaching an agreement with China's State Grid to sell its Chilean business to the latter for nearly $3 billion, according to people familiar with the matter on Friday, another move by the company to divest its non-core assets.
The wildfires in California left Sampras and other utilities more legally liable, and Sampras has since sought to improve their financial position and increase their attractiveness to investors. Sampras also faces pressure from Elliott Management, a hedge fund, and Bluescape Group, an investment company, to shrink its global operations.
Sources said the deal between Sampras and China's State Grid could be announced as early as the same week on the 14th, and warned that negotiations could still end up at a standstill; the source asked for anonymity because of confidential matters.
Sampras did not comment and China State Grid did not respond to requests for comment.


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