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By consolidating its ownership of Energias de Portugal SA, EDPFY 12.01% or EDP, China Three Gorges, or CTG, would gain full control of Portugal’s largest electricity producer, distributor and supplier. But it also would offer the Chinese state-owned energy company a bigger platform to gain exposure to EDP’s power operations in several other countries in Europe, including Spain, France, Italy and the U.K. In the Americas, the Lisbon-based company is present in Brazil, Mexico and in the U.S., where it operates wind farms across much of that country.
As one of the world’s largest sources of greenhouse gases, China has aggressively pushed the construction of solar panels, wind farms and other alternative energy sources, while adopting policies designed to drive the purchase of electric vehicles in a bid to reduce pollution. CTG’s interest in acquiring EDP underscores that effort.
Last year, EDP generated operating profit of about €1.1 billion, of which about 40% originated from wind and other types of alternative energy.
https://www.wsj.com/articles/china-thre ... yptr=yahoo
Energias de Portugal has rejected the price offered by China Three Gorges for a full takeover of the power utility as too low, saying its proposal of €3.26 per share “does not adequately reflect the value of EDP”. CTG on Friday launched a €9bn all-cash tender offer for the 76.7 per cent of EDP ...
https://finance.yahoo.com/m/e4581edc-08 ... three.html
Lisbon, May 15 th , 2018: EDP – Energias de Portugal, S.A. (EDP), pursuant to the terms and for the purposes of article 248º-A of the Portuguese Securities Code is providing the following information to the market and the general public:
China Three Gorges (Europe), S.A., the largest qualified shareholder with 23,3% of EDP and wholly held by China Three Gorges Corporation, has released a preliminary announcement pursuant to which it has informed the market that it will launch a general and voluntary takeover offer for the shares issued by EDP that are listed in the Euronext Lisbon by Euronext Lisbon regulated market.
The price offered is of € 3.26 per share.
The Executive Board of Directors already initiated the relevant internal procedures for the purposes of complying with the obligations it is legally bound to and shall issue its opinion in due course regarding the other terms of the offer which will be
brought to the Executive Board of Directors of EDP’s attention through the release by the offeror of the draft prospectus and launch announcement, which will namely include relevant detail regarding the Industrial Plan.
Notwithstanding, the Executive Board of Directors considers that the price offered does not adequately reflect the value of EDP and that the implied offer premium is low considering what is customary for European utilities where the offeror has acquired control.
https://www.edp.com/sites/default/files ... nto_en.pdf
LISBON (Reuters) - EDP-Energias de Portugal will remain under normal management without limitations usually imposed by takeover rules because these do not apply to the bid by the state-owned, unlisted entity China Three Gorges, market regulator CMVM said on Friday.
CTG last month offered 9 billion euros (8 billion pounds) for the stake it does not already own in the utility, which is Portugal's largest company by assets.
EDP has said it considered the 3.26 euro a share bid too low but is yet to announce its formal stance on the overall offer.
The CMVM neutrality rules state that, under a takeover by another company, a target firm's management is limited to day-to-day activities and requires its board of directors be neutral in the bid process, for example barring it from changing the company's asset base.
However, since the owner of CTG is a third party, in this case the Chinese state, it means the reciprocity principles do not apply and the neutrality rules will be waived, the CMVM said in a statement.
Still, EDP will be required to act in good faith while defending the interests of its shareholders, the regulator said, adding it took the decision after being approached by EDP, which argued that its management should not be subject to limitations
CTG owns a 23 percent stake in EDP and is its largest shareholder.
When CTG announced the bid it sought to buy at least 50 percent of EDP voting capital plus one vote for the offer to succeed, but it has since said it reserved the right to waive that condition, meaning it could just increase its stake in EDP without taking full control.
EDP shares were 0.5 percent higher at 3.36 euros at midday, underperforming the broader market in Lisbon, up 1.5 percent.
https://finance.yahoo.com/news/portugal ... 23791.html