Companies from China, Germany and Brazil selected as potential buyers for 21.5 pct of EDP – Energias de Portugal

10 November 2011

Lisbon, Portugal, 10 Nov – Chinese power company Three Gorges Corporation, German group E.On and Brazilian companies Eletrobras and Cemig have been shortlisted to purchase the 21.5 percent stake owned by the Portuguese state in Portuguese power company EDP – Energias de Portugal.

According to a statement issued after a Council of Ministers meeting in Lisbon, which approved a report by state stake holding company Parpública – Participações Públicas, SGPS, the companies will now be invited to put forward firm proposals for the acquisition of up to 21.5 percent of the Portuguese electricity company.

The list, which was approved at the ministerial meeting, seta side Indian company Birla and Japan’s Marubeni, which had reduced exposure to the power sector and sought to attract the Portuguese authorities with a number of benefits to the national economy.

The EDP privatisation process, the benchmark price for which was set by the government at 2.2 billion euros, is expected to be concluded by December. (macauhub)