The AES Corporation, a Fortune 500 company that generates and distributes electrical power, made a tender offer to acquire a 31.15% stake in AES Andes, a producer and distributor of electricity based in Santiago, Chile, for $517m. "This transaction is significantly cash and earnings accretive for AES shareholders by unlocking the value of AES Andes that was not reflected in its share price. AES Andes has already made an impressive transition to lower its carbon footprint and become a leader in renewable development and new technologies in Chile and Colombia, very much complementing our overall global strategy and objectives," Andrés Gluski, AES President and CEO.