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Eneva requests meeting with takeover target AES Tiete next week

Brazilian wind farm. Author: Carla Wosniak. License: Creative Commons, Attribution 2.0 Generic

March 13 (Renewables Now) - Brazilian energy company Eneva SA (B3:ENEV3) wants to meet with the management and advisors of takeover target AES Tiete Energia SA (B3:TIET11) in order to discuss the rationale for the proposed transaction.

Eneva said in a bourse filing on Friday that it requests a meeting to be held on March 16 or March 17 so that it can present its offer to acquire AES Tiete. Eneva's statement is a response to a letter sent by the takeover target in which it requests more information about the bid. According to AES Tiete, certain points of the current proposal seem "incomplete or not conclusive."

Recently, Eneva bought shares amounting to 0.5% of the capital stock of AES Tiete as a way to secure the right to take part in the company’s general shareholders meetings.

Initially valid for 60 days, Eneva's original offer is now being evaluated by AES Tiete, which said earlier this week it will hire financial advisers to help with the analysis.

The proposal consists of a BRL-2.75-billion (USD 582.7m/EUR 512.7m) cash payment and the exchange of 0.0461 of the suitor's common shares for each common or preferred share of AES Tiete.

(BRL 1.0 = USD 0.209/EUR 0.189)

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Browse all articles from Lucas Morais

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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