World set to install 593 GW of new solar in 2024 - Ember
Sep 19, 2024 13:28 CESTPortuguese utility Energias de Portugal SA (ELI:EDP) has secured a stake of 87.91% in EDP - Energias do Brasil SA (BVMF:ENBR3) and is now preparing to delist the company.
As announced in early March, EDP launched a tender offer for the shares it did not already own in the Brazilian subsidiary. On Wednesday, it said that the process has resulted in the acquisition of an additional stake of 31.86% in the firm for a little over BRL 4.39 billion (USD 906m/EUR 822m), or BRL 23.73 apiece.
Consequently, EDP has built an overall stake of nearly 88% and thus reached the quorum for the delisting of the company from Novo Mercado of B3 SA. About 55.7 million common shares issued by EDP Brasil, representing a 9.58% stake, remain outstanding and as of July 12 trade on B3's basic segment until the firm's registration as a publicly held company in category A is converted into category B.
The financial settlement of the transaction is set for July 14.
The move as a whole simplifies EDP's corporate structure and provides greater flexibility for managing its integrated presence in Brazil, the company stated.
(BRL 1.0 = USD 0.206/EUR 0.187)
World set to install 593 GW of new solar in 2024 - Ember
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