Brazilian power company Eletropaulo Metropolitana has revealed rival takeover bids from European energy firms Enel of France and Iberdrola - owned Neoenergia from Spain . Shares in Electropaulo rose 24 % as the bids were announced . Enel said it would invest $ 1.4bn as it moved further into the Latin America market to offset slow European growth . Stefano Rellandini/File Photo Italy Enel ’s offer is conditional on Eletropaulo cancelling a recently announced share issue equivalent to a 20 % stake . Neoenergia says it will retain that stake as long as others do not top its bid . Eletropaulo , one of the few private companies in Brazil being sold , is considering the bids .
Brazilian power company Eletropaulo Metropolitana has revealed rival takeover bids from European energy firms Enel of France and Iberdrola - owned Neoenergia from Spain . Shares in Electropaulo rose 24 % as the bids were announced . Enel said it would invest $ 1.4bn as it moved further into the Latin America market to offset slow European growth . Enel ’s offer is conditional on Eletropaulo cancelling a recently announced share issue equivalent to a 20 % stake . Neoenergia says it will retain that stake as long as others do not top its bid . Eletropaulo , one of the few private companies in Brazil being sold , is considering the bids .