China Three Gorges launches $10.8 billion bid for Portuguese power firm EDP

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China Three Gorges launches $10.8 billion bid for Portuguese power firm EDP

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The total value of the proposed deal is 9.07 billion euros ($10.83 billion), excluding a 23 percent stake already owned by CTG [CYTGP.UL], the Chinese firm and largest EDP shareholder said in a statement issued late on Friday in Lisbon.

By Andrei Khalip and Sergio Goncalves

LISBON: China’s state-owned utility China Three Gorges on Friday launched a bid to take control of Portugal’s biggest company EDP, offering a premium of just below 5 percent on the power firm’s closing stock price.

The total value of the proposed deal is 9.07 billion euros ($10.83 billion), excluding a 23 percent stake already owned by CTG the Chinese firm and largest EDP shareholder said in a statement issued late on Friday in Lisbon.