UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 or 15d-16
OF THE SECURITIES AND EXCHANGE ACT OF 1934
For the month of November 2006
QUINENCO S.A.
(Exact name of registrant as specified in charter)
QUINENCO, INC.
(Translation of registrant's name into English)
Quinenco S.A.
Enrique Foster Sur 20, 14th Floor
Santiago, Republic of Chile
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12(g)3-2(b) under the Securities Act of 1934
Yes |_| No |X|
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12(g)3-2(b): ______________
The following document is being filed with this 6-K
report and is attached hereto.
Press Release dated November 16, 2006 announcing the termination of Quinenco's
ADR Program in the United States
[LOGO]
QUINENCO S.A.
www.quinenco.cl
www.quinencogroup.com
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FOR IMMEDIATE RELEASE
For further information contact:
Cindi Freeman
Investor Relations Manager
Quinenco S.A.
(56-2) 750-7221
e-mail: cfreeman@lq.cl
QUINENCO ANNOUNCES THE TERMINATION OF
ITS ADR PROGRAM IN THE UNITED STATES
November 16, 2006 - Santiago, Chile. Quinenco S.A. (LQ:NYSE) announced that its
Board of Directors at its meeting today resolved to terminate Quinenco's ADR
program with the Bank of New York, as depositary, delist its ADSs from the New
York Stock Exchange (NYSE) and eventually pursue deregistration with the
Securities and Exchange Commission (SEC). It is expected that the termination of
the ADR program will be effective on or about January 6, 2007, immediately after
which the NYSE will stop trading the ADSs.
The Board's rationale for terminating the ADR program and delisting from the
NYSE is based on a number of factors, the most important being:
o Currently, less than 5% of Quinenco's outstanding shares are
held by ADR shareholders;
o Quinenco is seeking to optimize its operating expenses.
Quinenco's shares will continue to trade on the Chilean Stock Exchanges.
On December 1, 2006, Quinenco will provide formal notice to the Bank of New York
that its ADR program will be terminated. Once the Bank of New York receives
formal notice of the termination of the ADR program, it will establish a
termination date for the Deposit Agreement (the termination date), which will be
no sooner than 30 days from the date of that notice and is estimated to occur on
or about January 6, 2007. Upon termination, holders of ADRs will have 90 days to
decide if they would like to exchange their ADRs for ordinary shares of
Quinenco. If a holder of ADRs does not exchange its shares within the 90 day
holding period, the Bank of New York will be authorized to sell the remaining
shares and deliver to such holder the net proceeds from the sale of its shares.
In order to terminate Quinenco's ADR program in the above time frames, Quinenco
and the Bank of New York have agreed to modify the Deposit Agreement under which
the ADRs were issued in order to decrease the required holding period from one
year to 90 days. In addition, the Deposit Agreement will be amended to allow the
Bank of New York to sell any remaining shares at the end of the holding period
on a reasonable efforts basis.
Notwithstanding the termination of the ADR program and delisting from the NYSE,
Quinenco will continue to comply with SEC reporting requirements unless and
until its securities are deregistered with that entity.
Quinenco S.A., a leading Chilean business conglomerate, is the controlling
entity of a portfolio of companies involved in financial services, food and
beverage, telecommunications and manufacturing.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
QUINENCO S.A.
By: /s/ Luis Fernando Antunez
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Name: Luis Fernando Antunez
Title: Authorized Representative
Dated: November 16, 2006