China Three Gorges’ bid secures EdP stake
The company has paid €2.7bn for the 21.35 percent stake which was the subject of a competitive process that also saw final bids from Germany’s E.ON, and Eletrobras and Cemig from Brazil.
The sale contracts were signed at the end of December with Morais Leitão Galvão Teles Soares da Silva (MLGTS) advising the Portuguese Government while China Three Gorges was advised by Serra Lopes Cortes Martins.
PLMJ advised Electrobras in the sale and Linklaters E.ON.
The Portuguese Government has sold its holding as it looks to raise cash and implement the terms of the €78bn financial assistance package agreed with the EU, ECB and IMF that came into effect last summer. Under the terms of the bailout, the Government is also looking to sell its holdings in national oil company Galp and to privatise the gas and electricity distributor REN.
