Eneva, a Brazilian power generation company, offered to acquire AES Tiete, a power generation company, for $1.4bn. Eneva is offering AES Tiete’s shareholders 0.06 of its new common share per one common or preferred share of its target, implying a 10% premium. “The two companies have complementary portfolios. The combination of Eneva's assets and AES's Tietê would result in a diversified and balanced platform of essential assets to meet the growth and energy demand in Brazil. The combined company would add all the skills necessary for the development of new competitive projects that serve the market,” Pedro Zinner, Eneva President. Earlier this year, AES Tiete had rejected a $1.2bn offer from Eneva, after AES Tiete’s board rejected the offer stating that the deal undervalued the company. On July 28, 2020, AES, a Fortune 500 company that generates and distributes electrical power, agreed to acquire an 18.51% stake in AES Tiete Energia from BNDES, a Brazilian state bank.