Three Gorges takes over EDP

Updated 2018-05-14 14:24:04

China Three Gorges Corp on Friday announced that it plans to launch a 9.07 billion euros (.8 billion) offer to purchase the almost 77 percent it does not already own of Portugal's largest energy corporation EDP Energias, the Wall Street Journal reported.

The firm offered 3.26 euros in cash for each EDP share it does not own for a total of almost billion, according to the report.

It would be one of the biggest foreign acquisitions by a Chinese company since the billion takeover in 2017 of Swiss Syngenta AG by China National Chemical Corp, the report said.

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