Enel rules out rival bid on EDP to China Three Gorges EUR 3.26/share bid - report (translated)
17 MAY 2018
Enel [BIT:ENEL], the Italian energy group, has no plans to make a rival bid on Energias de Portugal [ELI:EDP] to the current EUR 3.26 a share offer by China Three Gorges (CTG), reported, Diario de Noticias.
An Enel source told the paper that despite market rumours over some European power groups mulling rival bids for EDP to the offer launched last week by CTG for the remaining shares in EDP, the Italian firm will not make a bid for the Portuguese energy group and is only looking at deals below EUR 5bn and mainly in Latin America.
EDP said earlier this week that the EUR 3.26 per share CTG bid was too low. The Chinese group already owns 23% of EDP and wants to pay nearly EUR 12bn for the remaining shares.