SANTIAGO, Dec. 15 -- Chile's Electoral Service (Servel) announced Sunday that with more than 96 percent of the votes counted in the presidential runoff, socialist candidate Michelle Bachelet was leading with 62.26 percent of the ballots.

Her rival, conservative ruling party candidate Evelyn Matthei, garnered 37.73 percent and conceded defeat before the media.

"It's clear she won and I congratulate her," Matthei said.

Servel said Bachelet had received more than 3 million votes so far compared to just over 2 million votes for Matthei.

Servel was expected to officially announce the winner of the second round of voting soon.

In downtown Santiago, honking horns could already be heard and celebration seemed to be on the way.

The two candidates held an initial round of voting in Nov. 17 general elections, which saw Bachelet garnered 46 percent of the votes and Matthei came in second, with 25 percent.