Portugal Government Says No Decision Yet On EDP Sale Proposals
December 14 2011 - 6:36AM
Dow Jones News
Portugal's government said Wednesday that it hasn't made any
decision on the buyer of its entire 21% stake in Energias de
Portugal SA (EDP.LB) that is being eyed by four companies.
Germany's E.ON AG (EOAN.XE), China's Three Gorges Corp.,
Brazil's Centrais Eletricas Brasileiras SA (ELET6.BR) and Companhia
Energetica de Minas Gerais (CMIG4.BR), which submitted bids last
week, continue to be in the running for the stake, valued at EUR1.9
billion, the government said in a statement.
A person familiar with the situation said the government may
pick a winner early next week.
According to a local press report, a supervisory council at EDP
advised the government late Tuesday that E.ON and Three Gorges
offered the most attractive bids. Their advice is nonbinding,
Jornal de Negocios reported.
The person familiar with the situation told Dow Jones Newswires
that all four bidders offered a premium over the stake's EUR1.9
billion market value, with Three Gorges leading the pack.
According to the person, the government will also take into
consideration the strategic plan offered by each of the companies
for the stake, which is being sold as part of a bailout agreement
between Portugal and the European Union and the International
Monetary Fund.
Under the agreement, Portugal committed to shrink the size of
the public sector and the government's control over the private
sector.
-By Patricia Kowsmann, Dow Jones Newswires; Tel
+351-916-466-297; patricia.kowsmann@dowjones.com
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