EnergyWatch

China Three Gorges attempt to win control of EDP is said to slow

China Three Gorges Corp.'s pursuit of utility EDP-Energias de Portugal SA has slowed as the Chinese energy producer grapples with unexpected obstacles to creating a global renewable-energy powerhouse, people with knowledge of the matter said.

A sudden leadership change at Three Gorges, lingering regulatory and political concerns as well as pressure to raise the EUR 9.1 billion (USD 10.4 billion) offer have led the Chinese to reassess the merits and hurdles of the deal, said the people, who asked not to be identified because the deliberations are private.

While Three Gorges is still working on the bid to increase its 23 percent stake in the Portuguese power generator, the timeline to achieve regulatory approval in Europe and the US has slipped to early next year from the end of this year, two of the people said. A final decision on the bid -- pursuing, increasing or abandoning the offer -- will not be made until there is more clarity on the regulatory demands, the people said.

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