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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 ...

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