Chinese corporation CTG intends to acquire the Portuguese EDP

Chinese state corporation Three Gorges announced its readiness to acquire the largest Portuguese company Energias de Portugal (EDP) for 9 billion 70 million euros. Chinese CTG already owns a 23 percent stake in EDP, which produces and distributes electricity, purchases and sells natural gas. CTG offers for each share of EDP 3 euro 26 cents in cash. This offer is only 5% higher than the quotes of the shares of the Portuguese company at the closure of the market on Friday. Operating profit EDP, that operates in several countries in Europe, Brazil, Mexico and the United States, amounted to about 1 billion 100 million euros. About 40% of them come from alternative energy.

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