Portuguese government approves sale of state’s stake in power company EDP

4 November 2011

Lisbon, Portugal, 4 Nov – The Portuguese government Thursday approved the direct sale of the 21.35 percent stake the state still owns in power company EDP – Energias de Portugal and the respective tender document, according to a statement from the Portuguese Council of Ministers.

The tender document, the statement said, set out, “the specific terms and conditions affecting the direct sale, as well as the process to be adopted for the sale of shares as part of each operation to carry out the direct sale.”

The decree law for the 8th phase of privatisation of EDP, published last week, specifies that more than one direct sale operation can be carried out, “with one or more investors” for a total780,633,782 nominal shares.

State stake-holding company Parpública – Participações Públicas had already announced it had received six manifestations of interest in the State’s stake in EDP, including from Brazilian companies Eletrobras and Cemig, from Germany’s E.On, China’s Three Gorges Corporation and a Japanese company.

Meanwhile, Portuguese financial daily newspaper Diário Económico reported that the Portuguese government expected to receive a minimum of 2.2 billion euros from the sale of its stake. (macauhub)