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A possible competing bid on EDP Renováveis could register before the public takeover bid launched by China Three Gorges and advance the market before the operation of Chinese investors who , in the case of the company headed by João Manso Neto, will face regulatory hurdles. The clarification was provided at the request of the management of EDP Renováveis by the Securities and Exchange Commission and arose after the publication of reports dealing with foreign investors who would be interested in the assets of EDP Renováveis .
At least two of these investors, the French company Engie and a Danish company came to clarify that they were not preparing any competing offers to the public tender offers launched in May by China Three Gorges on EDP and EDP Renováveis, although they admitted that they were available to study the opportunities.
The stake could be an EDP Renováveis asset that the Chinese might have to yield to ensure that supply goes on, especially in countries like the United States where greater resistance to Chinese investment is expected. The threat to the presence in the important US market was also one of the main arguments for the management of EDP Renováveis at the OPA China Three Gorges
Although that these investors have denied in the information to which are preparing competing offers, the scenario of a second public tender for EDP Renováveis could be on the table after the CMVM brought the following clarification
"In the event that, following the announcement of a public takeover bid, a second takeover bid is previously announced, the CMVM understands that this second public tender offer can be registered before its first declaration if it can first meet the necessary conditions,
If this were to happen – the second takeover bid is registered first – nothing n? prevents the first bidder from con continue its takeover bid EDP Renováveis has been the target of a public takeover bid launched by the parent company, EDP, which has managed to buy back only 5 shares. % of the capital. But if the energy management is not inhibited in its powers under the offer made by the Chinese shareholder, it is also unclear whether it will be able to & # 39; 39 go ahead with a new public offer for Renewables. China Three Gorges is the largest shareholder of EDP with 23.27% stake and EDP is EDP Renováveis' largest shareholder with 83%.
The CMVM stresses that an offer of shares – in this case EDP Renováveis - is subject to administrative conditions, so that its instruction will be complete only with the presentation of A copy of the required administrative decisions. Among the documents to be presented in this process are, inter alia:
- Copy of the launching decision by the competent bodies of the bidder and the required administrative decisions;
- Copy of the articles of the issuer of the securities on which the offer is affected;
- Copies of management reports and accounts, opinions of supervisory bodies and competent authorities of the issuing Member State.
- Upgraded certificate of the issuer's trade register; legal certification of the issuer's accounts for the periods covered by Commission Regulation (EC) No 809/2004 of 29 April
- Report or opinion of the External Auditor prepared in accordance with Articles 8 and 9; h) Code of identification of the securities being offered
- Draft prospectus
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