Brazilian group Eletrobras to present proposal to acquire 21.5 pct of EDP – Energias de Portugal

12 October 2011

Lisbon, Portugal, 12 Oct – Brazilian power company Eletrobras – Centrais Eléctricas Brasileiras plans to put forward a proposal to buy the 21.5 percent stake in Portuguese power company EDP – Energias de Portugal that the Portuguese government has put up for sale, the chairman of the Brazilian state company said Tuesday.

Cited by financial news agency Bloomberg, José da Costa Carvalho Neto said that the Eletrobras proposal would be presented on 21 October, the last day for handing in the first non-binding proposals for the EDP stake.

Carvalho Neto also said that Eletrobras would put forward its proposal on an individual basis and would use funding from Banco Nacional de Desenvolvimento Económico e Social.

The Brazilian company has hired Banco Santander as advisor for the operation. (macauhub)