EDP-Energias de Portugal SA surged the most in a decade to above the bid made by China Three Gorges Corp., an indication the Chinese utility may have to sweeten its offer to gain full control of its affiliate.
Three Gorges is offering EUR 9.1 billion (USD 10.9 billion) to buy the stock that it doesn’t already own in EDP, a 4.8 percent premium to the closing price on Friday of Portugal’s biggest energy company. While the government in Lisbon has indicated it’s comfortable with the offer, the price offers little incentive for shareholders to tender their stock.
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