A €9bn bid by China Three Gorges for Energias de Portugal, the country’s dominant power utility, collapsed on Wednesday after EDP shareholders voted not to abolish a cap on voting rights.
CTG’s offer was conditional on the scrapping of a regulation limiting the voting rights of any single EDP shareholder to a maximum of 25 per cent. But 56 per cent of shareholders voted at a general shareholders’ meeting not to lift the cap, shareholders said.
A majority of two-thirds of shareholders was required to lift the voting rights limit and allow CTG’s bid to proceed.
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