Enel raises in game with Iberdrola to conquer the Brazilian distribution company electropaulo. Enel Brasil Investimentos Sudeste, a subsidiary of the Italian group, increased from 28 to 32 reais per share the voluntary public offer launched on April 17 for the purchase of the entire share capital of the company. In this way, Enel explains in a note, the total consideration for the tender offer rises to 5,4 billion reais, equal to approximately 1,3 billion euros.
Immediately after the announcement of the relaunch Eletropaulo announced the decision of its board of directors cancel the capital increase in progress. "This decision satisfies one of the conditions to which the Offer was subject - writes Enel in a note - and allows the competitive process to continue between the competing offers for control of Eletropaulo".
Enel Sudeste has also undertaken to subscribe to a subsequent one capital increase of Eletropaulo itself for at least 1,5 billion reais (about 355 million euros), both in the event that your offer prevails over the others and in the event that none of the public offers launched on Eletropaulo is successful.
The Offer remains conditional, inter alia, on the acquisition of a total number of shares representing more than 50% of Eletropaulo's share capital.
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Iberdrola immediately responded to Enel's relaunch through its subsidiary Neoenergia, which "increased the price to 32,10 reais" from the previous 29,40 reais offered earlier this week, reads a note from Eletropaulo. Confirmed all the other terms and conditions of the offer "until May 18, date of the auction".
