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Neoenergia raises bid for Eletropaulo above rival Enel offer


By Reuters

Petroleumworld 04 23 2018

Brazil's power company Neoenergia on Friday raised its takeover bid for power distribution company Eletropaulo Metropolitana SA from 25.51 reais to 29.40 reais per share, according to a securities filing.

Neoenergia, which is controlled by Spanish company Iberdrola , is competing with Italy's Enel for a controlling stake in Eletropaulo, Brazil's largest power distribution firm. Enel had raised its offer on April 19 to 28 reais per share plus a cash injection of 1.5 billion reais to be made after the acquisition.

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Reporting by Marcelo Teixeira; Editing by Richard Chang from Reuters. 04 20 2018

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