ALLENTOWN, Pa.---PP&L Global, Inc., the international development subsidiary of PP&L Resources, Inc. (NYSE: PPL), is acquiring about 2.7 million additional shares of Empresas Emel S.A., one of Chile's largest electricity distribution companies. The transaction, completed on Tuesday (8/31), brings PP&L Global's ownership of Emel to 85.4 percent.

Paul T. Champagne, president of PP&L Global, said the company is acquiring the shares from minority shareowners who have been working with a broker to negotiate the sale. Champagne said PP&L Global is paying about $44 million (U.S.) for the additional 18.5 percent of the outstanding shares of Emel.

"The purchase of these additional shares of Emel is an important continuing step in our commitment to invest in and operate one of the fastest-growing electricity distribution companies in this region," said Champagne.

In July, PP&L Global purchased a 29.4 percent interest in Emel, bringing its ownership to 66.9 percent of the company. PP&L Global purchased those shares from Las Espigas S.A., from Gavilla S.A., from individuals related to the Las Espigas Group and from the minority shareholders. The Las Espigas Group had been PP&L Global's partner in Chile since 1997.

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 the acquisition of these additional shares, 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, which includes the company's pending acquisition of about 2,600 megawatts of generating capacity in Montana.