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Enel Ends Up on Top in Bid War for $2 Billion Brazil Utility

  • Battle for Eletropaulo owned by AES has gone on for months
  • Eletropaulo shareholders scheduled to consider bid June 4
relates to Enel Ends Up on Top in Bid War for $2 Billion Brazil Utility

Photographer: Marcos Issa/Bloomberg

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Italian power giant Enel SpA won a highly contested multibillion-dollar battle for AES Corp.’s Brazilian utility in a move that will more than double its presence in the country’s electricity distribution market.

Enel’s 45.22 reais-a-share ($12.14) offer for Eletropaulo SA topped a final one by leading rival Iberdrola SA of Spain in sealed bids opened late Wednesday on the Sao Paulo stock exchange. Enel already has three distribution companies in Rio de Janeiro, Ceara and Goias states, delivering power to millions of clients. The offer values the company at $2.03 billion based on 167.3 million shares outstanding.