Enel Backs Eletropaulo Capital Increase as Part of Takeover Bid
20 Aprile 2018 - 9:24AM
Dow Jones News
By Alberto Delclaux
Enel SpA (ENEL.MI) has improved the terms of its offer for
Eletropaulo Metropolitana Electricidade de Sao Paulo S/A (ELPL3.BR)
by making a commitment to back the Brazilian company's plan for a
capital increase of 1.5 billion Brazilian reais ($442.7
million).
Enel announced the improved offer late on Thursday. Earlier in
the week it launched a tender offer to acquire the
power-distribution company for up to BRL4.7 billion, or BRL28 a
share, topping Iberdrola SA's (IBE.MC) bid of BRL25.51 a share.
As part of its offer, Iberdrola also said it would back
Eletropaulo's planned capital increase.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
April 20, 2018 03:09 ET (07:09 GMT)
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