EnergyWatch

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.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Further reading

Related articles

Latest News

See all jobs