Iberdrola, Enel Both Raise Bids for Eletropaulo
26 Abril 2018 - 2:01AM
Noticias Dow Jones
By Alberto Delclaux
The bidding war for Eletropaulo Metropolitana Electricidade de
Sao Paulo S/A (ELPL3.BR) escalated overnight on Wednesday after
contenders Iberdrola SA (IBE.MC) and Enel SpA (ENEL.MC) raised
their respective bids for the Brazilian utility.
According to a regulatory filing, Iberdrola subsidiary
Neoenergia S/A (NEOE3B.SM) raised its offer to 32.10 Brazilian
reais ($9.21) a share, topping Enel's latest bid of BRL32 a share.
Iberdrola had previously offered BRL29.40 for each share, while
Enel's bid priced the shares at BRL28.
Eletropaulo has said it is cancelling a planned capital increase
in order to facilitate the competition between the two European
rivals.
The offers run until May 18.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
April 26, 2018 02:46 ET (06:46 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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