Friday's bid for Portuguese power generator EDP-Energias de Portugal SA by China's biggest clean energy group throws contrasting agendas into stark relief. Lisbon appears intensely relaxed about China Three Gorges Corp.'s 9.1 billion-euro ($11 billion) buyout plan. But shareholders, the European Commission and possible counterbidders stand in the Chinese bidder’s way.
CTG first invested in the utility in 2012 when the current opposition Social Democratic Party was the part of the ruling coalition. With 23 percent, the Chinese hydropower company now wants to move to more than 50 percent, while maintaining EDP's Lisbon listing and head office. That would keep the company looking Portuguese and preserve a European acquisition currency.
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