China Southern Power’s Transelec Talks Are Said to Face Delays

China Southern Power Grid Co.’s attempt to acquire control of Chilean power transmission company Transelec SA has hit a snag due to differences over valuation, according to people familiar with the matter.

The companies are trying to overcome the pricing hurdles and are continuing negotiations, but the timing of a possible agreement is unclear, the people said, asking not to be identified because the information is private.

A transaction, which has been discussed for about two years, could be valued at more than $4 billion, people familiar with the matter have said. The companies had hoped to strike ...