Announced
Financials
Sources
Tags
water energy
nuclear energy
Conventional Electricity
Acquisition
Single Bidder
Public
wind energy
Friendly
coal energy
Failed
Private Equity
Portugal
Alternative Electricity
Synopsis
EDP shareholders failed to agree on the China Three Gorges proposal. China Three Gorges, China’s biggest clean energy company offered €9.1bn ($10.9bn) to buy the shares that it doesn’t already own of electricity giant EDP-Energias de Portugal, an integrated generator, supplier and distributor of electricity, the largest company by assets in Portugal with businesses in Brazil, Spain, and the United States. The €3.26 per-share bid is 4.8% higher than EDP’s closing stock price of €3.11 in Lisbon. EDP-Energias de Portugal SA’s executive board reaffirmed that the €9.1bn ($10.7bn) takeover offer from China Three Gorges is low and said it will seek more information from the bidder about its plans for the Portuguese utility.
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