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China Three Gorges raises stake in EDP Energias de Portugal to 20%

Company remains the largest shareholder with a stake estimated to be worth 3.5 billion euros at current market prices.

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Company remains the largest shareholder with a stake estimated to be worth 3.5 billion euros at current market prices.

ARTICLE BY

PUBLISHED

UPDATED: 22 Dec 2023, 4:43 am

China Three Gorges (CTG) has raised its stake in EDP Energias de Portugal for the first time in more than two years, from 19.03 per cent to 20.22 per cent.

The increase, announced in a statement to the Securities Market Commission, was the first since CTG’s failed takeover bid in 2019.

After the takeover bid stalled, the company reduced its stake in EDP to 19.03 per cent, while still remaining the largest shareholder of the Portuguese group.

CTGs’ stake is worth 3.5 billion euros at current market prices, well above the 2.7 billion euros paid at the end of 2011 for 21.35 per cent of EDP, in the privatisation operation carried out by the Portuguese government.

EDP’s second-largest shareholder is Blackrock, with 7.38 per cent, followed by Spain’s Oppidum Capital (Masaveu family), with 7.2 per cent.

 

UPDATED: 22 Dec 2023, 4:43 am

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