Enel ups bid for Brazil's Eletropaulo, again

Italy’s Enel SpA (BIT:ENEL) has once again decided to sweeten its bid for Eletropaulo Metropolitana Eletricidade de Sao Paulo SA (BVMF:ELPL3), increasing it to just above a rival offer from a Brazilian unit of Spain’s Iberdrola SA (BME:IBE).

The Italian utility announced late on Thursday that its subsidiary Enel Brasil Investimentos Sudeste SA has further raised the price of its voluntary tender offer for the Brazilian power distributor to BRL 32.2 (USD 9.29/EUR 7.69) per share from BRL 32.0 apiece.

At that price, Enel’s overall investment in Eletropaulo could reach BRL 5.4 billion, the company noted. Its latest bid, still conditioned on securing a stake of over 50%, exceeds the BRL 32.1 per share offered by Iberdrola’s Neoenergia SA.

The first company that made an offer for Eletropaulo and led to the bidding war is local firm Energisa SA (BVMF:ENGI3). It, however, has not been that active in the process over the past few days.

(BRL 1.0 = USD 0.289/EUR 0.239)

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