Portugal Agrees to Sell REN Stake for 592 Million Euros
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Portugal’s government agreed to sell a 40 percent stake in REN-Redes Energeticas Nacionais SA for 592 million euros ($779 million) to State Grid International of China and Oman Oil Co. to meet the terms of a bailout accord.
The price values REN, Portugal’s power and gas grid operator, at about 150 million euros above its market value, Secretary of State for Treasury and Finance Maria Luis Albuquerque said today. REN shares rose 0.7 percent to close at