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Brazil: Enel and Iberdrola receive approval to bid for Eletropaulo

By  |  May 21, 2018

Spanish power companies ENEL SpA and Iberdrola SA have received approval from the Brazilian competition authority, the Administrative Council for Economic Defense (CADE), to present their respective purchase offers for their local counterpart Eletropaulo Metropolitana Electricidade de Sao Paulo .

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    The sale will take place on June 4. The Board of Directors of Eletropaulo will have until May 30 to give their opinions regarding the offers. Enel is expected to offer $ 8.73 per share in Eletropaulo, a little more than what has been rumored to be offered by Iberdrola.

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