You are here: Home » Reuters » News
Business Standard

China Three Gorges launches $10.8 billion bid for Portuguese power firm EDP

Reuters  |  LISBON 

By Andrei Khalip and Sergio GoncalvesLISBON (Reuters) - China's state-owned utility China Three Gorges on Friday launched a bid to take control of Portugal's biggest company EDP, offering a premium of just below 5 percent on the power firm's closing stock price. The total value of the proposed deal is 9.07 billion euros ($10.83 billion), excluding a 23 percent stake already owned by CTG [CYTGP.UL], the Chinese firm and largest EDP shareholder said in a statement issued late on Friday in Lisbon.Reports that EDP may be an acquisition target of European foreign companies have been circulating ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Sat, May 12 2018. 05:16 IST