Portugal's EDP set to reject $10.9b takeover offer from China Three Gorges

Portugal's EDP set to reject $10.9b takeover offer from China Three Gorges

A cooling tower vents steam from the Ribatejo thermal power plant, operated by EDP-Energias de Portugal SA, in Carregado, near Lisbon, Portugal, on Thursday, March 22, 2012. Photographer: Mario Proenca

EDP-Energias de Portugal SA is poised to reject a 9.1 billion euro ($10.9 billion) takeover offer from China Three Gorges Corp. on the grounds that it undervalues Portugal’s biggest energy company, according to people with knowledge of the matter.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter