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China Three Gorges acquires part of EDP

China Three Gorges has been named as the buyer for Portugal's 21 per cent stake in EDP.

23 December 2011

Merger and acquisition advisors may have been involved in a deal that will see China Three Gorges acquire part of EDP.

The enterprise won the right to purchase Portugal's 21 per cent stake in the enterprise for €2.69 billion (£2.24 billion).

Portuguese treasury secretary Maria Luis Albuquerque was quoted by Reuters as saying the move could provide an €8 billion investment into the country after the inclusion of financing from Chinese banks.

"This commitment is a vote of confidence in Portugal's economy and in one of its biggest companies," she stated.

Moves such as this are likely to be welcomed by European nations due to the debt crisis currently plaguing the continent.

EDP shares were last up 0.15 per cent on the DJ Stoxx 600 and Three Gorges claimed it will increase its financing in EDP in a bid to boost expansion plans in renewable energy projects and pay down its debts.

Posted by Ken Hayes

Source: Reuters, Wall Street Journal, December 23rd

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