Chinese energy giant China Three Gorges (CTG) has launched a bid to take over Portuguese outfit EDP in a deal valued at over €9bn.
CTG, which already owns about 23% of EDP, has offered a price of €3.36 a share for the EDP and €7.33 a share for the EDP Renovaveis – the European company’s renewables arm.
The €3.36 price represents a premium of almost 5% on EDP’s closing stock price on Friday, when the off was made
The offer for the renewables company is below the €7.84 end of business figure on 11 May.
Image: EDPR
Chinese make EDP play
By EBS