Linklaters advises China Three Gorges on public tender offer for Energias de Portugal, S.A.

Global law firm Linklaters is advising CTG (Europe) S.A., a fully-owned subsidiary of China Three Gorges (CTG), on its public tender offer for Energias de Portugal, S.A. (EDP), Portugal’s largest energy company. CTG is currently EDP’s largest shareholder.

 

CTG is one of the world's leading energy companies, best known for the construction of the Three Gorge Dam in China, the world’s largest hydroelectric plant. It holds controlling shares in China Yangtze Power, the largest hydropower company globally.

 

Should the offer succeed, CTG will gain control over EDP. It will also be obliged to launch a mandatory offer for EDP Renováveis (EDP-R), the Portuguese company’s listed renewables subsidiary, in which EDP holds 82% share capital. Both EDP and EDP-R have several subsidiaries, spread across 14 countries and four continents, operating in the electricity and gas generation, distribution and supply sectors.

 

Linklaters Zhao Sheng (FTZ) joint operation partner, Eric Liu, led the China team, alongside, Portuguese partners António Soares, Carlos Pinto Correia and Rui Camacho Palma.

 

Linklaters is a leading advisor to Chinese companies on complex overseas transactions in energy and infrastructure. The firm most recently advised China Southern Power Grid on its first M&A transaction in Latin America and MMG Limited’s conditional sale of its Sepon mine in Laos DPR.