November 5 (Renewables Now) - Portugal's Securities and Exchange Commission (CMVM) announced on Friday that the takeover bids by China Three Gorges (CTG) for Energias de Portugal SA (ELI:EDP) and its renewables arm have to be made simultaneously.
According to the CMVM statement, the success of the bid for EDP Renovaveis SA (ELI:EDPR) will be conditioned upon CTG securing control of EDP.
The regulator also explains that in this case the two offers are in fact part of a single operation, making it incoherent to split it into two distinguished offers. From the perspective of EDP and EDPR, CMVM considers the simultaneous bid to be a convenient solution, as it allows for a more complete and informed evaluation of its investment decision.
Back in June, EDPR's board of directors announced that it does not recommend the acceptance of the EUR 7.33 (USD 8.34) per share offer made by CTG because it found it to be too low.
(EUR 1 = USD 1.14)