Chinese state-owned electricity company China Three Gorges Corp. says it is bidding €9.07 billion (US$10.83 billion) to take control of Portuguese utility Energias de Portugal (EDP), Reuters reports.
The news agency quotes a written statement issued by China Three Gorges as saying the sum bid is for stock other than the 23 percent of EDP the Chinese company already owns.
China Three Gorges says it intends to own 50 percent of the voting stock of EDP plus one share.
The Chinese company says it is “fully committed to preserving EDP’s Portuguese identity and autonomy as well as its current Portuguese public listing”.
The Portuguese government has no objections to the takeover, Reuters quotes Portuguese Prime Minister António Costa as saying.
