Three Gorges Corporation has won a bidding contest to buy a stake in Energias de Portugal, the country’s dominant power company, for €2.7bn in a deal that is seen as a forerunner of other potential asset sales to China by debt-stricken eurozone economies.
Three Gorges defeated rival bids from Eon, Germany’s largest utility, Eletrobras, Brazil’s state-controlled power company, and Cemig, another Brazilian contender.
In a statement to Lisbon’s stock market authority, Portugal’s state holding company said Three Gorges would pay €2.69bn for 21.35 per cent of EDP, becoming the utility’s largest single shareholder.
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