EDP, whose biggest shareholder is China Three Gorges, increased its stake in EDP Brasil from 56% to almost 88%, following a takeover bid (OPA) aiming to delist the Brazilian subsiditary from the stock market.
In the note sent to the Securities Market Commission (CMVM), EDP informs that in this OPA it acquired 185.17 million shares of EDP Brasil, representing 31.86% of the company’s share capital. With this acquisition, EDP will control 87.91% of EDP Brasil, or 511 million shares.
The securities acquired in the offer, at the unit price of 23.73 reais, implied a total investment by EDP of 4.39 billion reais (EUR 821 million), short of the approximately EUR 1 billion capital increase that EDP announced in the first half of this year as a solution to finance the reinforcement of its stake in EDP Brasil.
EDP’s objective was to take full control of its Brazilian subsidiary, to delist it (EDP Brasil is listed in São Paulo).
Without having been able to convince all minority shareholders, EDP indicates that investors who have not sold their shares will still be able to do so, if they wish, until October 11 of this year.
EDP adds that with this result “it takes an important step towards the implementation of its strategy communicated on March 2, 2023 on the Capital Markets Day, allowing the simplification of its corporate structure and providing greater flexibility in the management of its integrated presence in the Brazilian market”.
EDP launches EUR 1 billion capital increase to gain full control of EDP Brasil
“EDP reaffirms its commitment to keep its shareholders and the market in general duly informed about any relevant developments or resolutions in this regard, in accordance with the applicable legislation and regulations”, adds the company.
