China Three Gorges Corporation Bid Successfully

According to the report of SASAC (State-owned Assets Supervision and Administration Commission), China Three Gorges Corporation has been bid the Portugal Power Company (EDP) successfully of 21.35% stock rights (≈780 million stocks) on the 22nd. Portugal Power Company is a multinational energy group, which mainly runs the project of clean energy.

China Three Gorges Corporation Bid Successfully – The First Majority Shareholder

This is the first time of China Three Gorges Corporation to take part in the merger of international market, which the successful bid made it become the first majority shareholder of Portugal Power Company.

It costs 2.69 billion Euros (≈22.136 billion RMB) of China Three Gorges Corporation, which the project has been the success of the first.

China Three Gorges Corporation Bid Successfully - Portugal Power Company

Due to deal with the difficulties of sovereign debt crisis, the Portuguese government began to sell the enterprise equities of national asset such as electric power, power grid and aviation this year. The 21.35% of stock rights of EDP is the largest number of the projects selling.

EDP business scope covers many countries such as USA, Europe, and Brazil accounting for 9% of Portugal national GDP.