China Three Gorges Offers 9 Billion Euros to Buy Rest of EDP

(Bloomberg) -- China Three Gorges Corp. is offering 9.1 billion euros ($10.9 billion) to buy the stock it doesn’t already own in Portuguese utility EDP-Energias de Portugal SA.

The 3.26 euro per-share offer is 4.8 percent higher than EDP’s closing stock price of 3.11 euros in Lisbon on Friday.

The offer is subject to Three Gorges holding 50 percent of EDP voting rights plus one after the bid, the Chinese company said in a statement on the Portuguese securities regulator’s website. It currently holds 23 percent of EDP.

Three Gorges was formed more than two decades ago to build a hydroelectric dam on the Yangtze River. It bought a 21 percent stake in EDP more than five years ago as part of a Portuguese government bailout involving the International Monetary Fund.

©2018 Bloomberg L.P.