Eletrobras Submits EDP Bid

Brazilian state-owned power company Eletrobras has officially presented a non-binding offer for the 21.35% of Energias de Portugal (EDP) that Portugal’s government is looking to privatize. The terms of the proposal are confidential. Protugal’s government has indicated there are 6 bidders, though it does not disclose names. Officials at Cemig have said they were discussing a bid with EDP. Germany’s E.ON and China Three Gorges are also thought to be bidding. Such an acquisition would mark an international shift for Electobras, allowing it to enter the European and US markets.