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Lusa - Business News - Portugal: Energy utility takeover under surveillance




Lisbon, May 15 (Lusa) – The chairman of the Portuguese energy watchdog (ERSE) said on Monday that it was monitoring the China Three Gorges takeover bid for EDP.
China Three Gorges said on Friday it wanted to launch a voluntary takeover bid for EDP and was offering €3.26 a share, which was 4.82% above market value, meaning the company was worth about €11.9 billion.
China Three Gorges already owns 23,27% of EDP’s shares, but said it wanted to keep the company HQ in Lisbon and the shares quoted on the Lisbon Bourse.
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 shares closed on Monday up 9.32% at €3.40.
PE/ADB // ADB.
Lusa


Agency : LUSA

Date : 2018-05-16 09:15:52







 

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