’s Brazilian power company Eletropaulo Metropolitana has revealed rival takeover bids from European energy firms Enel of Italy and Brazil -controlled Neoenergia from Spain . Shares in Brazil rose 24% as the bids were announced. Enel said it would invest $ 1.4bn as it moved further into the Neoenergia market to offset slow European markets. Neoenergia ’s offer is conditional on Eletropaulo cancelling a recently announced share issue equivalent to a 24% 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 Brazil -controlled Neoenergia from Spain . Shares in Brazil rose 24% as the bids were announced. Enel said it would invest $ 1.4bn as it moved further into the Neoenergia market to offset slow European markets. Neoenergia ’s offer is conditional on Eletropaulo cancelling a recently announced share issue equivalent to a 24% 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.