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EDP’s Public TakeoverO – Can China Three Gorges’ offer overcome all regulatory barriers and resist shareholder activism?
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The case describes the process of the public takeover offer (PTO) China Three Gorges (CTG) launched over Energias de Portugal (EDP) on May 11, 2018. EDP was the largest power and gas utility in Portugal and one of the major utilities in Spain and Brazil, through its subsidiary EDP Brazil. Through EDP Renewables, EDP was present in fifteen countries in the renewable generation business.
The case gives the context of EDP and the power industry at the time of the PTO, suggesting some reasons for CTG to have launched the offer. It then organizes the events that occurred during the process by topics: the changes of the shareholder structure, with some shareholders acquiring positions in EDP and others disposing them; the regulatory barriers encountered; the appearance of an activist shareholder, who later presented an alternative strategic plan to the PTO, stating shareholders should reject CTG’s offer; the presentation of a business plan by EDP’s Management, which would hardly be implement if the PTO was to be successful; and finally, a decisive vote on the Shareholders General Assembly that could either end the PTO or push it forward.
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Corporate Restructuring M&A Applied Corporate Finance. Strategy and Value Creation