Transener buyers recoup 12% of purchase price via pre-closing dividend

Edison Energía and Genneia, new owners of Argentina's Citelec (parent of Transener), received US$44 million in a profit distribution authorized two days after bid opening, recovering 12% of their US$356 million investment. The timing suggests the state, as seller, approved the payout while still a shareholder, raising governance concerns. This is a notable financial engineering move in Argentina's privatization process.