Deals
China Three Gorges Bids $10.9 Billion for Rest of Portugal's EDP
- Offer price is 4.8% higher than EDP’s closing price on Friday
- Deal to extend China’s reach into Europe and the Americas
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China’s biggest clean energy company is offering 9.1 billion euros ($10.9 billion) to buy the shares that it doesn’t already own of electricity giant EDP-Energias de Portugal SA.
The 3.26 euro per-share bid is 4.8 percent higher than EDP’s closing stock price of 3.11 euros in Lisbon on Friday, China Three Gorges Corp. said in a statement. Three Gorges, already the biggest shareholder of Portugal’s leading utility and power-plant developer, said the offer is subject to the bidder holding 50 percent of EDP’s voting rights plus one after the offer.