(ANSA) - Rome, April 17 - Enel Brasil's investment arm Enel Brasil Investimentos Sudeste on Tuesday launched a takeover bid for Sao Paulo power company Eletropaulo Metropolitana Eletricidade de São Paulo. The bid is at 28.0 Brazilian real per share, sources said.
The overall investment expected "amounts to a maximum of 4.7 billion Brazilian real, at current exchange rates 1.1 billion euros." Italian electricity giant Enel said the bid is "conditional on the acquisition of a total number of shares representing more than 50% of the share capital".
Enel Brasil bids for Eletropaulo
1.1 bn euro bid