Filer: The AES Corporation Pursuant to Rule 425 under the Securities Act of 1933 Commission File No. 001-12291 Subject Company: Gener S.A. Commission File No: 001-13210 These materials contain forward-looking statements concerning the financial condition, results of operations and business of AES following the consummation of its proposed acquisition of Gener and the anticipated financial and other benefits of such proposed acquisition. In some cases, you can identify forward looking statements by the words "will", "believes", "plans", "would", or similar expressions. These forward looking statements are not guarantees of future performances and are subject to risks and uncertainties and other important factors, including those that could cause actual results to differ materially from expectations based on forward looking statements made in this press release or elsewhere. For a description of certain of these risks please refer to AES's and Gener's filings with the SEC. * * * * * These materials are for informational purposes only. It is not an offer to buy or a solicitation of an offer to sell any shares of AES common stock. The solicitation of offers to buy Gener common stock will only be made pursuant to a prospectus and related materials that AES expects to send to Gener shareholders. These securities may not be sold, nor may offers to buy be effected prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. * * * * * AES intends to file a Tender Offer Statement and an Exchange Offer Registration Statement with the Securities and Exchange Commission as soon as practicable. We urge investors and security holders of Gener to read carefully the U.S. exchange offer regarding the proposed transaction when it becomes available because it will contain important information about the transaction. Investors and security holders may obtain a free copy of the U.S. exchange offer when it is available and other documents filed by AES and Gener with the Securities and Exchange Commission at the Securities and Exchange Commission's Web site at www.sec.gov. The U.S. exchange offer and these other documents may also be obtained for free from D.F. King & Co., Inc., the Information Agent, by calling 1-800-755-3105. * * * * * For more general information visit our web site at www.aesc.com or contact investor relations at investing@aesc.com. The list aes-pr-announce is an automated mailing list and can be found on the investing page of our web site. Those who subscribe to this list will receive updates when AES issues a press release. * * * * * This document is being filed pursuant to Rule 425 under the Securities Act of 1933. 2
Tender Offer
for Gener Shares
November 2000
- Introduction
- The AES Corporation
- Tender Offer
- Conclusion
- AES is pleased to present tender offers to all shareholders of Gener
- AES believes its offers are better for shareholders than the TotalFinaElf proposal
- Copec, Gener’s largest shareholder, has stated that it intends to tender all its shares pursuant to the Chilean offer
- We urge you to vote for the elimination of the 20% limit and against the TotalFinaElf offer at the November 28 meeting
- Introduction
- The AES Corporation
- Tender Offer
- Conclusion
- AES is the largest global power company:
- 17 MM distribution customers worldwide
- 137 generation plants with over 49,000 MW capacity
- Operations in 28 countries throughout Latin America, U.S., Europe and Asia
- 56,000 AES people worldwide
- US$ 28 billion market cap
- Mission: Serve the world’s need for electricity
- Guiding principles: Fairness, fun, integrity and social responsibility
- Proven track record
- AES trades an average of 2.3 MM shares daily or approximately US$ 140 MM
- Included in the S&P 500, and recently added to the Dow Jones Utility Average, which should further enhance liquidity
- IPALCO (U.S. utility) US$ 2,200 MM stock for stock
transaction * - DRAX (3,960 MW UK power station) US$ 1,000 MM bond refinancing
- Alicura (1,000 MW Argentine hydro) US$ 205 MM purchase
- Mohave Bid to acquire 1,580 MW coal-fired plant for US$ 667 MM *
- NIGEN (640 MW) acquired control from Tractebel for US$ 82 MM
- Puerto Rico (454 MW) completed US$ 815 MM financing
- EDC (Venezuelan utility) US$ 1,600 MM purchase
- Introduction
- The AES Corporation
- Tender Offer
- Conclusion
- Open to all shareholders of Gener
- Tender for 61.6% of total outstanding shares, equivalent to 75% of shares outstanding, excluding shares represented by ADSs
- Purchase price payable in cash, in Ch$ equivalent to US$ 0.235294118 per share, at the average observed exchange rate of the 10 days prior to the expiration date of the Chilean offer
- Proration if tendered shares in Chile exceed 3,466.6 MM shares
- Offer subject, among other conditions, to:
- the tender of at least a majority of outstanding shares
- the amendment of the bylaws to eliminate the 20% ownership restriction
- the rejection of the TotalFinaElf proposal in the November 28shareholders’ meeting
- the receipt of sufficient funds to purchase shares in the Chilean offer
- Tender through aRemate on the Santiago Stock Exchange
- Offer open to all holders of ADSs
- ADS holders will be able to tender their shares for AES stock
- ADS holders will be paid the same price as holders of shares
- The US offer will be subject, among other conditions, to the closing of the Chilean offer
- The US offer is expected to close the next business day following theRemate
- In order for the AES tender to succeed, shareholders must vote in favor of the bylaw amendment and against the TotalFinaElf proposal
- The TotalFinaElf proposal requires only simple majority of a quorum of 51%. It is vital that you attend the meeting and vote your shares against this proposal
- The bylaw amendment requires the approval of 75% of theoutstanding shares.Your vote is very important.
- Introduction
- The AES Corporation
- Tender Offer
- Conclusion
- AES offers all shareholders the opportunity to realize a control premium for their Gener shares
- In order for the transaction to succeed, shareholders must vote FOR the elimination of the 20% ownership restriction limit and AGAINST the TotalFinaElf proposal
- AES tiene el agrado de presentar a los accionistas de Gener, ofertas de adquisición de acciones en Chile y EE.UU.
- AES estima que sus ofertas son más convenientes para los intereses de los accionistas que la proposición de TotalFinaElf
- Copec S.A., el mayor accionista de Gener, ha confirmado su intención de ofrecer en venta todas sus acciones en la oferta en Chile
- Se necesita su voto a favor de la eliminación del límite deconcentración de 20%, y en contra de la proposición deTotalFinaElf en la junta del 28 de noviembre
- AES es la mayor empresa de energía eléctrica independiente en el mundo:
- 17 millones de clientes de distribución en el mundo
- 137 plantas generadoras con más de 49.000 MW de capacidad
- Operaciones en 28 países de Latinoamérica, EE.UU., Europa y Asia
- 56.000 personas en el mundo
- Capitalización Bursátil: US$28.000 millones
- Misión: Atender las necesidades de electricidad del mundo
- Principios corporativos: equidad, diversión, integridad y responsabilidad social
- Trayectoria probada
- El volumen promedio de transacciones de AES es de 2.3 millones deacciones diarios, o un equivalente a US$ 140 millones aproximadamente
- Está incluida en el S&P 500 y recientemente se ha incorporado en el índice Dow Jones Utility Average, lo que debería aumentar su liquidez
- Abierta a todos los accionistas de Gener
- Oferta por 61.6% del capital accionario, equivalente al 75% de las acciones,excluyendo los ADSs
- Precio a pagar en efectivo, en pesos equivalentes a US$ 0. 235294118 por acción, de acuerdo al dólar observado promedio de los 10 días previos a la expiración de la oferta en Chile
- Prorrata, en caso que las acciones ofrecidas vender superen 3.466,6 millones
- Oferta sujeta a las siguientes condiciones, entre otras:
- ofertas de venta por al menos la mayoria de las acciones de Gener
- modificacion de los estatutos para eliminar el limite de propiedad de 20%
- rechazo de la proposicion de TotalFinaElf en la junta del 28 de noviembre
- obtencion de financiamiento suficiente para pagar la adquisicion de las acciones en la oferta en Chile
- Venta a traves de un Remate a efectuarse en la Bolsa de Comercio de Santiago
- Abierta a todos los tenedores de ADSs
- Tenedores de ADSs podrán canjear sus ADSs por acciones de AES
- Tenedores de ADSs recibirán el mismo precio que los accionistaschilenos
- Oferta sujeta, entre otras condiciones, al cierre de la oferta en Chile
- La oferta en EE.UU. se espera que cierre el siguiente día hábil despuésdel Remate
- Para que tenga éxito la oferta de AES, los accionistas deben votar a favor de la modificación de estatutos y votar en contra de la proposición de TotalFinaElf.
- La proposición de TotalFinaElf puede ser aprobada por mayoría simple sobre un quorum de 51%. Es vital que asistan a la junta y voten en contra.
- La modificación de estatutos requiere la aprobación de 75% de las acciones con derecho a voto.Su voto es muyimportante
- AES ofrece a todos los accionistas la oportunidad de vender sus acciones de Gener con un premio
- Para que la transacción se lleve a cabo, los accionistas deben votar A FAVOR de la eliminación del límite de concentración 20%, y votar EN CONTRA de la proposición de TotalFinaElf
Introduction
2
AES is the leading global power company
4
AES’s presence in Latin America
Consistent and strong financial performance
AES stock performance
AES is experienced in closing transactions for benefit of shareholders
*Denotes pending transaction
8
Summary of offers’ terms
10
Chilean offer
11
US offer
12
All shareholders must vote
13
Offer by AES vs. proposal by TotalFinaElf
14
Bid vs. historic Gener price
Offer price represents a 40% premium over the last 10-day closing price average before announcement
Gener price evolution
Flow to Gener shareholders
Financial performance of Gener
Gener has not performed well over the last few years and thus has not created sufficient shareholder value
Analysts’ recommendations
Analyst | Date | Recommendation |
SSB | Oct 2000 | Underperform |
DB | Sep 2000 | Market perform |
DLJ | Aug 2000 | Market perform |
FIT | Aug 2000 | Sell |
BSCH | May 2000 | Underperform |
WDR | Jan 2000 | Sell |
Larraín Vial | Jan 2000 | Underperform |
Source: Analysts’ reports
19
Conclusion
21
Tender Offer
for Gener Shares
November 2000
Oferta de Adquisición de Acciones de Gener
Noviembre de 2000
1. Introducción
2. The AES Corporation
3. Oferta de Adquisición de Acciones
4. Conclusión
Introducción
2
1. Introducción
2. The AES Corporation
3. Oferta de Adquisición de Acciones
4. Conclusión
AES es una empresa líder de energía global en el mundo
4
AES en Latinoamérica
Desempeño financiero exitoso y consistente
Desempeño de la acción de AES
7
Experiencia en ejecutar transacciones beneficiosas para los accionistas
8
1. Introducción
2. The AES Corporation
3. Oferta de Adquisición de Acciones
4. Conclusión
Términos generales de las ofertas
Oferta | Chile | EE.UU. |
Tipo | en efectivo | canje de acciones |
Acciones (MM) | hasta 3,466.6 | todos los ADSs |
% del mercado | 75% | Todos |
Precio | US$ 0,235294118 / acción | US$ 16/ ADS |
Monto | US$ 816 MM | US$ 237 MM |
Agente Comprador | Deutsche Securities C. de B. | DB Alex Brown |
10
Oferta en Chile
11
Oferta en EE.UU.
12
Todos los accionistas deben votar
13
Oferta de AES vs. proposición de TotalFinaElf
14
Oferta vs. precio histórico de Gener
El precio de la oferta representa un 40% de premio respecto del precio de cierre promedio de los 10 dias bursatiles previos al anuncio
15
Evolución de precio de Gener
El IPSA ha rentado más que Gener en los últimos 2 años
16
Flujo para el accionista de Gener
17
Desempeño financiero de Gener
Gener no ha tenido un buen desempeno en los ultimos anos, y en consecuencia no ha creado suficiente valor para sus accionistas
18
Recomendaciones de analistas
Recomendacion | Fecha | Analista |
---|---|---|
SSB | Oct 2000 | Underperform |
DB | Sep 2000 | Market Perform |
DLJ | Ago 2000 | Market Perform |
FIT | Ago 2000 | Sell |
BSCH | May 2000 | Underperform |
WDR | Ene 2000 | Sell |
Larrain Vial | Ene 2000 | Underperform |
Fuente: reportes de analistas
19
1. Introducción
2. The AES Corporation
3. Oferta de Adquisición de Acciones
4. Conclusión
Conclusión
21
Oferta de Adquisición
de Acciones de Gener
Noviembre de 2000