Enel Acquires 73.4% of Brazil's Eletropaulo
05 Junio 2018 - 1:35AM
Noticias Dow Jones
By Anthony Shevlin
Italy's Enel SpA (ENEL.MI) said Tuesday that it has acquired a
73.4% stake in Brazil's Eletropaulo Metropolitana Electricidade de
Sao Paulo SA (ELPL3.BR) following a successful tender offer.
Enel said the overall consideration under the offer is 5.55
billion Brazilian reais ($1.48 billion) and the transaction will be
settled on June 7, in line with Brazilian stock exchange
regulations.
Enel said it plans to spend at least BRL1.5 billion to subscribe
to a capital increase at Eletropaulo.
Enel presented an offer of 45.22 Brazilian reais ($12.04) per
share last Wednesday, just before the deadline passed for new bids
and topping an offer by its Spanish rival Iberdrola SA
(IBE.MC).
On Monday, Enel's offer was voted on by Eletropaulo's
shareholders, and was conditional on the acceptance of shareholders
representing more than 50% of the capital.
Enel and Iberdrola had been locked in a bidding war for the Sao
Paulo-based energy distributor since April 17, successively raising
their bids in a battle to get a better foothold in the Brazilian
electricity market.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com
(END) Dow Jones Newswires
June 05, 2018 02:20 ET (06:20 GMT)
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