The CMVM indicates that the competing bid to EDP Renováveis ​​may be registered before that of the Chinese CTG

The Securities and Exchange Commission (CMVM) announced on Wednesday that a potential bid for EDP Renováveis ​​in competition with the Chinese Three Gorges Group (CTG) could be registered first, ahead of the previous [19659002] In response to a request from EDP Renováveis, the regulatory authority of the financial markets clarified that "any competing bid may be registered prior to the initial offer, given the autonomy between the registration procedures for each of these offers, provided that if all the legal requirements on which this registration depends are first met ". In other words, in order to register a new offer to EDP Renováveis, the CMVM would not have to wait for the registration of the Chinese group buyout offer. .

In support of this interpretation, the CMVM justifies the legal regime of competition recent changes favor "the emergence of competing offers" and "rest on a principle of equality between the Offeror and the Offeror regarding the information provided by the Bidder. "

In the previous regime, the regulator explained, in two successive situations: OPA", the law tended to be registered in same time, which implied that any one of the offerers was obliged, as a rule, to wait for the other. "

However, the CMVM understands that" this solution the one that favored Existence of a competitive control market, in that not only the initiator could see the launch of his affected tender because of a superior supply, as the potential competition it should consider among the elements of decision the eventual need to launch its offer to wait for the verification of the conditions under which the initial offer is submitted. "

The regime no longer has this
So, says the regulator of the financial markets, a first announced public bid will be the first to be registered if your record is the first to be filed If, however, the second takeover bid is the one at which the proceeding was instituted, the offer to obtain the first registration will be earlier.

"So, in the case where, after the # 39; preliminary announcement of a public tender offer, a second public tender offer, the CMVM understands that this second public offering may be registered prior to its first publication if it can d & # 39; first meet the necessary conditions, and no legal rule requires or condition its registration to the prior granting of a public tender offer

In May, China Three Gorges ( which is already the largest shareholder of EDP with 23% of the capital) announced that it is would be the first bidder to continue with its public takeover bid. a takeover bid on EDP, offering a consideration of 3.26 euros per share, and also indicates that if it is successful, it will also progress with a public tender offer of 100% stake EDP ​​Renováveis ​​(EDPR) at 7.33 euros per share.
EDP controls 82.6% of the capital of EDP Renováveis, based in Madrid.