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2011-12-22 - 15:57:00 - DJ China's Three Gorges Wins Auction For Portugal's EDP Stake
 

*DJ China Three Gorges Wins Auction For 21% Of EDP


(MORE TO FOLLOW) Dow Jones Newswires

December 22, 2011 10:44 ET (15:44 GMT)

*DJ China Three Gorges Bids EUR2.69 Bln For EDP Stake


(MORE TO FOLLOW) Dow Jones Newswires

December 22, 2011 10:45 ET (15:45 GMT)

DJ China's Three Gorges Wins Auction For Portugal's EDP Stake


BEIJING (Dow Jones)--China's Three Gorges Corp. said Thursday it has won the bidding for Portugal government's 21% interest in EDP-Energias de Portugal SA (EDP.LB) with an offer of EUR2.69 billion, in the first of a series of sales of state-owned assets under the country's austerity program.

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).

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 Wayne Ma and David Roman, Dow Jones Newswires, +34 91 395 8127; david.roman@dowjones.com


(END) Dow Jones Newswires

December 22, 2011 10:57 ET (15:57 GMT)

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