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REN Rises to Highest This Year on 40% Offer Report: Lisbon Mover

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Jan. 23 (Bloomberg) -- REN-Redes Energeticas Nacionais SA climbed the highest this year after State Grid International of China and Oman Oil Co. offered to buy 40 percent from Portugal.

REN gained 1.9 percent to 2.109 euros, the highest closing level since Dec. 30. State Grid offered a more than 40 percent premium to the Jan. 20 close of 2.07 euros, and Oman Oil more than 30 percent, said a person familiar with the matter.

“A high premium for a stake in REN is bolstering its shares today,” Pedro Oliveira, a trader at Go Bulling in Oporto, northern Portugal, said in an interview.

State Grid bid about 2.90 euros a share for 25 percent and Oman Oil about 2.70 euros for 15 percent, the Jornal de Negocios newspaper reported today without citing anyone. Portugal aims to sell as much as 40 percent after seeking a European Union and International Monetary Fund bailout last year. An official at the Finance Ministry declined to comment on the sale of REN.

The stock’s trading volume of 484,480 shares today was more than four times the daily average for the past three months.

To contact the reporter on this story: Henrique Almeida in Lisbon at halmeida5@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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