CADE okays Neoenergia bid for Eletropaulo

Brazilian power distributor Eletropaulo Metropolitana Eletricidade de Sao Paulo SA (BVMF:ELPL3) said on Thursday the country's Administrative Council for Economic Defense (CADE) has approved without limitation the public voluntary offer for the firm made by Neoenergia SA.

Eletropaulo is currently evaluating takeover proposals made by the unit of Spain’s Iberdrola SA (BME:IBE), and also by Enel Brasil Investimentos Sudeste SA, a unit of Italian energy company Enel SpA (BIT:ENEL). Neoenergia has offered BRL 32.1 (USD 8.67/EUR 7.34) per share, while Enel bid BRL 32.2.

Earlier this week, CADE also approved without limitation the public voluntary offer by Enel Sudeste. According to Brazilian securities regulator CVM, Neonergia and Enel have until May 24 to make new proposals as an auction for Eletropaulo is scheduled for June 4.

(BRL 1 = USD 0.27/EUR 0.23)

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