China Three Gorges Increases Stake in Portugal´s EDP

 

China Three Gorges (CTG) increased to 21,55% its stake in EDP, Portugal´s leading energy company, where it is already the largest shareholder.

 

The increase was made through the acquisition of the remaining shares in EDP´s new capital increase, in apportionment, according to a statement to the market.

 

In the context of the capital increase for which shareholders are granted subscription rights, the member of the General Supervisory Board China Three Gorges (Europe), SA (CTGE) reported “having exercised the right to subscribe a volume of 3.030.303 shares equivalent to the percentage of EDP’s share capital”, according to the same note, sent to Portugal´s Securities Market Commission (CMVM).

 

According to EDP, the subscription of the shares results from a transaction carried out off-market on 11 August and subject only to the applicable physical and financial settlement mechanisms, with the shares being sold at the unit price of 3,30 euros per share.

 

The company will thus have spent close to 10 million euros in the latest operation, which add to the EUR 220 million CTG had already invested in the capital increase.

 

After the transaction, CTG now holds 854.736.441 shares, 21,55% of EDP’s share capital.

 

On August 07, EDP announced that the EUR 355 million capital increase, to EUR 3.96 billion, made in connection with the purchase of the Spanish company Viesgo, was fully subscribed, with a demand of 256% compared to the offer.

 

EDP agreed in July to buy Spanish electricity company Viesgo from Macquarie funds in a deal worth EUR 2 Bi, including debt.

 

Photo: EDP Headquarters, Lisbon

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