EDP rejects EUR 9 billion Chinese offer

The Portuguese utility says that China Three Gorges' takeover bid is too low compared to the fact that the Chinese player would gain control of the company.

China Three Gorges (CTG) is prepared to take on its biggest investment on the international market. However, the Chinese player's EUR 9.07 billion bid has been rejected by the acquisition target, EDP. The Portuguese utility says the figure, which represents a 4.8 percent premium relative to the current share price, is not high enough. 

"The Executive Board of Directors considers that the price offered does not adequately reflect the value of EDP and that the implied offer premium is low considering what is customary for European utilities where the offeror has acquired control," said the company in a press release Tuesday.

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