May 14 (Renewables Now) - The board of Brazilian power distributor Eletropaulo Metropolitana Eletricidade de Sao Paulo SA (BVMF:ELPL3) will decide on the takeover proposals it received over the past month by May 30.
The company said in a bourse filing that the final say will be unveiled by that date with regard to the voluntary public offers made by Neoenergia SA, Enel Brasil Investimentos Sudeste SA and any other competing party.
Neoenergia, a majority-owned subsidiary of Spain’s Iberdrola SA (BME:IBE), is currently offering BRL 32.1 (USD 8.95/EUR 7.46) per share, while its bidding rival -- a Brazilian subsidiary of Italian peer Enel SpA (BIT:ENEL) -- has proposed BRL 32.2 apiece. Brazilian electricity distributor Energisa SA (BVMF:ENGI3), which was the first to make an offer, dropped out of the bidding race earlier this month.
According to previous announcements, Neoenergia and Enel can sweeten their bids by May 24. An auction is scheduled for June 4.
(BRL 1.0 = USD 0.280/EUR 0.236)