Visit windpowermonthlyevents.com for the latest on our upcoming conferences and webcasts

Portugal

Portugal

Engie denies EDPR takeover bid

PORTUGAL: French energy giant Engie has denied rumours that it has launched a bid to take over Portuguese renewables developer EDP Renováveis.

EDP and its Renovaveis subsidiary has been the subject of takeover rumours for several months
EDP and its Renovaveis subsidiary has been the subject of takeover rumours for several months

In a statement, made at the request of the Portuguese market authority CMVM, Engie said it "has not taken any decision in relation to EDPR and currently is not preparing the launching of any takeover bid over shares issued by EDP Renováveis".

However, the firm added: "As one of the major European utility companies with worldwide operations, we are constantly assessing investment opportunities".

The statement follows EDP’s denial of contact with Engie on 10 April.

Currently, EDP is considering an offer from China Three Gorges (CTG) to takeover the energy firm.

In May, Chinese state-owned electricity company CTG announced a €3.26/share offer to acquire 100% of the Portuguese generator, in which it is the largest shareholder with a 23.27% stake.

The offer, CTG said, represented a 10% premium on EDP shares’ six-month volume-weighted average price, valued EDP at over €11.8 billion.

CTG simultaneously published a €7.33/share offer for the 82.6% stake EDP has in its renewables subsidiary, EDP Renováveis.

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.

EDPR and Engie are currently partners in the Moray Offshore Renewables consortium developing the 950MW Moray East offshore wind project off eastern Scotland.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in

Windpower Monthly Events

Latest Jobs