Quick Take: EDP Rejects Takeover Offer From China Three Gorges
Energias de Portugal SA has rejected 9 billion euro ($10.7 billion) buyout bid from Chinese state-owned utility China Three Gorges Corp., saying the price is too low.
In a Tuesday regulatory filing, EDP — Portugal’s largest energy company — said its board believes that the offered price does not adequately reflect the value of the company. “The implied offer premium is low considering what is customary for European utilities where the offerer has acquired control,” the statement said.
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