Group of shareholders of Portugal’s REN support China’s State Grid taking a stake in the company

6 January 2012

Lisbon, Portugal, 6 Jan – A group of Portuguese private shareholders of power grid company REN – Redes Energéticas Nacionais supports Chinese group State Grid Corporation of China taking a stake in the Portuguese company, according to Portuguese financial daily Diário Económico.

The newspaper said that the group includes the Logoplaste group and stake-holding companies Oliren and Gestmin, associated with businessmen Filipe de Botton, Manuel Champalimaud and Zambrano Oliveira.

The Chinese group, which is a candidate for the privatisation of REN, plans to adopt the same strategy as China Three Gorges used to ensure the acquisition of 21.35 percent of power company EDP.

As well as being the only company to state an interest in acquiring 25 percent (the maximum that each investor can buy), State Grid is also offering long term credit lines, at reduced interest rates, worth 400 million euros. (macauhub)