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Portugal

Portugal

EDP denies Engie takeover contact

PORTUGAL: Power firm EDP has denied "any contact or negotiations have taken place regarding a merger operation" in a note issued yesterday at the request of Portuguese stock market regulator CMVM.

EPD has been the subject of several takeover rumours in recent months
EPD has been the subject of several takeover rumours in recent months

The utility was forced to push back on claims made by French TV channel BMF Business, which reported that power group Engie wanted to buy the firm.

BMF claimed "contacts have taken place between the boards of the two groups" and that EDP set a price of €11 billion on the deal.

EDP is the parent company of renewables developer EDP Renovaveis (EDPR), which manages an 11GW global renewable energy portfolio, mostly wind power.

The firm's share price has risen by almost 4% on the Lisbon PSI index since the story emerged on 9 April.

The company has been the subject of regular takeover speculation in recent months, with both Spain’s Gas Natural and Italy’s Enel rumoured to have made separate approaches.

EDP’s largest shareholder, the Chinese state, has steadily increased its overall holding to 28.25% since state-owned generator China Three Gorges first acquired a 21.35% stake in 2012.

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