Climate Changed
Iberdrola Bests Enel With Higher Offer for Brazil Utility
- Increases per-share offer to 29.4 reais from 25.51 reais
- Latest bid surpasses offer by Italy’s Enel made late Thursday
Photographer: Denis Doyle/Bloomberg
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Iberdrola SA, Spain’s largest power company, raised its bid for Brazilian electricity distributor Eletropaulo SA late Friday, topping an offer made by Italy’s Enel SpA on Thursday.
Iberdrola’s Brazilian unit Neoenergia increased its per-share offer to 29.40 reais ($8.61) from 25.51 reais, according to a statement. Enel said Thursday it would boost a promised capital injection to 1.5 billion Brazilian reais from 1 billion to sweeten its 28 reais-a-share offer. Neoenergia previously pledged a 1.5 billion-real capital injection.