CTG bids for EDP, EDPR to be made simultaneously

EDPR wind farm in Portugal. Source: EDP Renovaveis SA. License: All rights reserved

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)

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Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

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