By Alberto Delclaux 
 

Enel SpA (ENEL.MI) has improved the terms of its offer for Eletropaulo Metropolitana Electricidade de Sao Paulo S/A (ELPL3.BR) by making a commitment to back the Brazilian company's plan for a capital increase of 1.5 billion Brazilian reais ($442.7 million).

Enel announced the improved offer late on Thursday. Earlier in the week it launched a tender offer to acquire the power-distribution company for up to BRL4.7 billion, or BRL28 a share, topping Iberdrola SA's (IBE.MC) bid of BRL25.51 a share.

As part of its offer, Iberdrola also said it would back Eletropaulo's planned capital increase.

 

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

 

(END) Dow Jones Newswires

April 20, 2018 03:09 ET (07:09 GMT)

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