May 16 (Renewables Now) - Brazil’s Administrative Council for Economic Defense, or CADE, has approved without limitation the public voluntary offer by Enel Brasil Investimentos Sudeste SA for local power distributor Eletropaulo Metropolitana Eletricidade de Sao Paulo SA (BVMF:ELPL3).
The decision was published in the Federal Official Gazette on May 11 and was noted by Eletropaulo on Monday. The latter is the target of both Enel Sudeste, a unit of Italian energy company Enel SpA (BIT:ENEL), and Neoenergia SA, which is majority owned by Spain’s Iberdrola SA (BME:IBE). Enel Sudeste is currently offering BRL 32.2 (USD 8.81/EUR 7.47) per share, while its rival is bidding BRL 32.1 apiece.
In the height of the takeover battle, Eletropaulo announced it has decided to stick to its Strategic Plan for Value Creation, which foresees total investments for the 2018-2022 cycle of BRL 4.94 billion. This planned spending should improve the company’s efficiency and operational reliability.
(BRL 1.0 = USD 0.274/EUR 0.232)