China Three Gorges reduces its stake in the capital of EDP – Energias de Portugal

27 February 2020

The China Three Gorges group has reduced its stake in the shareholder structure of the EDP – Energias de Portugal group to 21.47% with the sale of a block of shares of 1.8%, according to a market statement.

The placing of the shares with qualified institutional investors was carried out through an accelerated sales process, in an operation coordinated by the BNP Paribas and Merrill Lynch International banks.

The operation brought in €292.89 million for China Three Gorges (Europe), and the shares – 65.82 million – were sold at a unit price of €4.45.

The Chinese group remains the main shareholder of EDP, and the second largest shareholder, Oppidum Capital, S. L. has just 7.19% of the share capital of the Portuguese group.

This sale comes after another Chinese state company, investment company CNIC Corporation Limited, sold its shares in EDP following the failure of a takeover bid (OPA) launched in 2019 by China Three Gorges. (macauhub)