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Lisbon, May 15 (Lusa) – Portuguese power company EDP – Energias de Portugal believes that the price offered by China Three Gorges (Europe) to acquire it is too low, the company said in a statement filed with the Portuguese Securities Market Commission (CMVM) on Tuesday.
"The Executive Board of Directors considers that the price offered does not adequately reflect the value of EDP and that the premium implicit in the offer is low considering the practice followed in the European utilities marke in situations where there has been acquisition of control by the offeror," the statement said.
On Friday, China Three Gorges launched a voluntary takeover bid for EDP, offering 3.26 euros per share, representing a 4.82% premium over market value.
In the information filed with CMVM, EDP said it had started internal procedures and will make a statement, "in due time on the other terms of the offer," that will be communicated to the Executive Board of Directors of EDP when China Three Gorges (Europe) sends it "the project of the prospect which will include the relevant details of the Industrial Project."
On Monday, financial news agency Bloomberg reported that EDP was preparing to reject the takeover bid on the grounds that the proposed price is low.
CTG, which already owns 23.27% of EDP, intends to keep the company headquartered in Portugal and is offering €3.26 per share, or a 4.82% premium over the market price, which values the company at around €11.9 billion.
EDP share closed on Monday up 9.32% to €3.40.

DD (DF / ICO)/CA // CA
Lusa


Agency : LUSA

Date : 2018-05-16 08:33:13







 

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