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2011-12-22 - 15:06:00 - DJ China's Three Gorges Seen Winning Bid To Buy 21% Of EDP-Source
 

*DJ China Three Gorges Seen Winning Auction For 21% Of EDP - Source


(MORE TO FOLLOW) Dow Jones Newswires

December 22, 2011 09:52 ET (14:52 GMT)

DJ China's Three Gorges Seen Winning Bid To Buy 21% Of EDP-Source


LISBON (Dow Jones)--China's Three Gorges Corp. is expected to win the bidding for Portugal government's 21% interest in EDP-Energias de Portugal SA (EDP.LB), the first of a series of sales of state-owned assets under the country's austerity program, a person familiar with the situation said Thursday.

The Chinese company was leading the tight race for the stake in the power utility, the person added.

Other bidders included Germany's E.ON AG (EOAN.XE) and Brazil's Centrais Eletricas Brasileiras SA (EBR) and Companhia Energetica de Minas Gerais-CEMIG (CIG).

The winning bidder will be announced later Thursday.

Portugal is selling its crown jewel assets as part of a EUR78 billion bailout agreement it entered into with the European Union and the International Monetary Fund. Under the terms of the aid, Portugal has committed to cut government spending and its budget deficit.


-By Patricia Kowsmann, Dow Jones Newswires; +351-916-466-297; patricia.kowsmann@dowjones.com


(END) Dow Jones Newswires

December 22, 2011 10:06 ET (15:06 GMT)

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