By Alberto Delclaux 
 

The bidding war between Enel SpA (ENEL.MI) and Iberdrola SA (IBE.MC) for Brazil's Eletropaulo Metropolitana Eletricidade de Sao Paulo S/A (ELPL3.BR) escalated overnight Wednesday, with the Rome-based company topping an offer by its Spanish rival just before the deadline passed for new bids.

Enel increased its offer to 45.22 Brazilian reais ($12.12) per share, following a rise from Iberdrola to BRL39.53, according to regulatory filings. Enel's previous offer price was BRL32.20, slightly over Iberdrola's at BRL32.10.

Shareholders will now choose the successful bid at a June 4 tender.

 

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

 

(END) Dow Jones Newswires

May 31, 2018 01:42 ET (05:42 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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