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EDP rejects takeover bid from CTG

Tuesday, 22 May 2018

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Last week China Three Gorges (CTG) Corporation attempted a full takeover of Energias de Portugal (EDP).

China Three Gorges (Europe) S.A. is currently the largest shareholder with 23,3% of EDP shares. CTG is a Chinese state-owned power company originally founded to develop the Three Gorges Dam on the Yangtze River. CTG is according to their webpage, the largest hydropower developer in the world[1].

At €3.26 per share, EDP states “the price offered does not adequately reflect the value of EDP”, furthermore EDP iterates “that the implied offer premium is low considering what is customary for European utilities where the offeror has acquired control” [2].

On Friday the 11th of May, CTG placed...

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