PP&L Global, Inc., the international development subsidiary of PP&L Resources, Inc. (NYSE: PPL), said Thursday (6/10) that it has reached an agreement to acquire additional shares of Empresas Emel S.A., one of Chile's largest electricity distribution companies. Following completion of this transaction, PP&L Global would own more than two-thirds of Emel, thereby achieving full control of the company.

Paul T. Champagne, president of PP&L Global, said the agreement provides that PP&L Global will purchase an additional 29.2 percent interest in Emel, bringing PP&L Global's ownership to 66.7 percent of the company. PP&L Global is purchasing the Emel shares from Las Espigas S.A., Gavilla S.A. and individuals related to the Las Espigas Group. The Las Espigas Group has been PP&L Global's partner in Chile since 1997.

"We are very pleased with this agreement, which will increase our investment in Chile, the fastest growing and most stable economy in Latin America," said Champagne. "In the two years we have been involved in Emel, we have been impressed with the company's operation and continued growth."

Champagne said, under the agreement, PP&L Global will purchase the additional shares for about $100 million. Closing is expected by the end of June, Champagne said.

Emel provides electricity distribution service to about 800,000 customers in Chile, Bolivia and El Salvador. PP&L Global first purchased a 25.2 percent share of Emel in 1997 and added another 12.3 percent in 1998.

With this proposed investment, PP&L Global will have investments and commitments totaling about $2.4 billion in Europe, Latin America and various U.S. locations.

In addition to Emel, PP&L Global's diversified investments include SWEB, an electricity distribution company in the United Kingdom with 1.2 million customers. PP&L Global is playing an essential role in PP&L Resources' five-year plan to more than double the size of its U.S. electricity generation portfolio to about 20,000 megawatts.