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.

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