Financial Markets
Real Estate
Local listed Company
Overseas-listed Company
Foreign Company
Industrial Parks

Energy & Commodities
 Search News  Or
State Grid agreed to buy 25% stake in REN

Feb. 6, 2012 (China Knowledge) - State Grid Corp of China, the nation's largest power supplier, has received approval from the Portuguese government to acquire 25% equity interests of Portugal's power supplier Redes Energeticas Nacionais or REN at a consideration of EUR 387 million.

The Chinese buyer offered EUR 2.90 apiece for the acquisition, a 40% premium on the target firm's closing price on February 1, said Portugal's Treasury Secretary Maria Albuquerque.

As a part of the deal, State Grid will guarantee EUR 1 billion of fundraising to reduce REN's debt/asset ratio, said a person familiar with the matter, adding that REN's short-term refinancing requirements to 2015 reach about EUR 1.6 billion.

In Portugal's EUR 78 billion financial rescue package, the Portuguese government has agreed to sell a 40% stake in REN to international bidders with the remaining 15% interests sold to Oman Oil for EUR 592 million.

Last month, China Three Gorges, the state-owned operator of the world's largest hydropower project, spent EUR 2.7 billion for a 21% stake in Energias de Portugal and promised to offer a EUR 8-billion package in investment and finance contracts, sources reported.

Add this     
Copyright © "2015"

Send feedback or comments to:

For more news, financial weekly reports, business guides to China, Market Research Reports and other premium information, subscribe to China Knowledge today

To access our page on Bloomberg, type CKFI (GO)

 Our Professional Services


 News Archive
About Us | CSR | Media Center | E-Newsletter | E-Store | Contact Us | Feedback | Sitemap | Privacy Policy | Terms of Use  

           Copyright © 2014 China Knowledge Online. All Rights Reserved