Brazilian power company Eletropaulo Metropolitana has revealed rival takeover bids from European energy firms Enel of Italy and Iberdrola-controlled Neoenergia from Spain. The two companies are expected to make a formal offer for the company, which is owned by Brazil's state-owned oil giant Petrobras. Eletropaulo said in the filing its board was analyzing Enel’s offer with its financial advisers. Enel said it would invest $1.4bn as it moved further into the Latin America market to offset slow European markets. Enel’s offer is conditional on Eletropaulo cancelling a recently announced share issue equivalent to a 26% stake. Neoenergia says it will buy that stake as long as others do not top its bid. Eletropaulo, one of the few private utilities in Brazil being sold, is considering the bids.
Brazilian power company Eletropaulo Metropolitana has revealed rival takeover bids from European energy firms Enel of Italy and Iberdrola-controlled Neoenergia from Spain. The two companies are expected to make a formal offer for the company, which is owned by Brazil's state-owned oil giant Petrobras. Enel said it would invest $1.4bn as it moved further into the Latin America market to offset slow European markets. Enel’s offer is conditional on Eletropaulo cancelling a recently announced share issue equivalent to a 26% stake. Neoenergia says it will buy that stake as long as others do not top its bid. Eletropaulo, one of the few private utilities in Brazil being sold, is considering the bids.