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    EDP   PTEDP0AM0009

EDP - ENERGIAS DE PORTUGAL, S.A.

(EDP)
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Investor calls on EDP shareholders to block CTG's bid

03/28/2019 | 07:28am EDT
FILE PHOTO: The logo of Portuguese utility company EDP - Energias de Portugal is seen at the company's offices in Oviedo

LISBON (Reuters) - Activist investor Elliott called on Thursday for shareholders in EDP-Energias de Portugal to reject a reform of voting rights, in a move that could scupper a 9-billion-euro (£7.70 billion)takeover offer for EDP from China Three Gorges (CTG).

CTG launched its bid for the utility in May 2018 on the condition that a 25-percent voting right limit was scrapped. All EDP shareholders have to keep to that limit, regardless of the stake they hold.

Elliott, which has an EDP shareholding of 2.9 percent, said it planned to vote against dropping the limit and recommended other shareholders do the same.

The activist investor said it proposed that shareholders vote on the matter during EDP's general assembly on April 24.

According to Elliott, a no vote would not only "put an immediate end" to CTG's bid, but also give EDP the "certainty needed to plan for the future".

The amendment to remove the voting rights limit needs 66 percent shareholder approval to pass.

When China's state-owned CTG, EDP's largest shareholder with a 23 percent stake, launched its bid for the company last year EDP's board rejected the 3.26-euro-per-share offer as too low.

Last month, Elliott proposed an alternative to CTG's bid, saying EDP could raise 7.6 billion euros from the sale of its Brazilian operation, Iberian thermal holdings and minority stakes in Spanish and Portuguese networks.

"In order to pursue a strategy and a more ambitious plan for the future, EDP needs to overcome the strong uncertainty created by the CTG offer," Elliott said. "There is a clear consensus among stakeholders today: CTG's offer in its current form is not in the interest of EDP​."

CTG's proposal still needs regulatory approval in a number of countries, including Brazil, the United States, Portugal and the European Union. CTG has halted talks with EU regulators over the proposed takeover, two sources close to the matter said on Jan. 25.

(Reporting by Sergio Goncalves; Writing by Catarina Demony; Editing by Paul Day and Mark Potter)

By Sergio Goncalves


ę Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
EDP - ENERGIAS DE PORTUGAL, S.A. -1.10% 4.601 Real-time Quote.-9.79%
EURO / BRAZILIAN REAL (EUR/BRL) 0.10% 6.3122 Delayed Quote.-1.42%
LETS HOLDINGS GROUP CO., LTD. -2.55% 6.11 End-of-day quote.-21.47%
LOOK HOLDINGS INCORPORATED -1.40% 1407 End-of-day quote.47.02%
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Analyst Recommendations on EDP - ENERGIAS DE PORTUGAL, S.A.
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Financials
Sales 2021 12 789 M 14 938 M 14 938 M
Net income 2021 850 M 992 M 992 M
Net Debt 2021 12 345 M 14 419 M 14 419 M
P/E ratio 2021 21,5x
Yield 2021 4,15%
Capitalization 18 356 M 21 479 M 21 439 M
EV / Sales 2021 2,40x
EV / Sales 2022 2,31x
Nbr of Employees 12 124
Free-Float 67,6%
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Mean consensus BUY
Number of Analysts 22
Last Close Price 4,65 €
Average target price 5,71 €
Spread / Average Target 22,8%
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Managers and Directors
Miguel Stilwell de Andrade Chief Executive Officer, CFO & Executive Director
LuÝs Filipe Marques Amado Chairman-Supervisory Board
Rita Sousa Head-Compliance
Maria Celeste Ferreira Lopes Cardona Member-Supervisory Board
Fernando Maria Masaveu Herrero Member-Supervisory Board
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1st jan.Capi. (M$)
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