BY WAYNE MA AND PATRICIA KOWSMANN
Portugal's government said on Thursday that China Three Gorges Corp. won the bidding for its 21% stake in EDP-Energias de Portugal SA with an offer of ?2.69 billion ($3.51 billion), in the first of a series of sales of state-owned assets under its austerity program.
The deal marks the first time a mainland Chinese firm acquired a significant stake in a southern European company and may portend other such moves as cash-strapped European governments from Madrid to Athens have been clamoring for Chinese funding to help them finance gaping budget deficits.
For government-controlled China Three Gorges, which operates the $23 ...
BY WAYNE MA AND PATRICIA KOWSMANN
Portugal's government said on Thursday that China Three Gorges Corp. won the bidding for its 21% stake in EDP-Energias de Portugal SA with an offer of ?2.69 billion ($3.51 billion), in the first of a series of sales of state-owned assets under its austerity program.
The deal marks the first time a mainland Chinese firm acquired a significant stake in a southern European company and may portend other such moves as cash-strapped European governments from Madrid to Athens have been clamoring for Chinese funding to help them finance gaping budget deficits.
For government-controlled China Three Gorges, which operates the $23 ...
Source: http://online.wsj.com/article/SB10001424052970204464404577114471370252452.html?mod=rss_about_china
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