Enel offers to buy out Eletropaulo shareholders

Enel offers to buy out Eletropaulo shareholders

Equity Capital Markets Corporate & Sovereign Strategy Energy Electricity Brazil Europe

Italy's Enel plans to spend BRL393m ($102m) to buy the remaining free float of Eletropaulo and remove the Brazilian power company from the B3 stock exchange in São Paulo. Enel Brasil has offered to buy the 8.13m outstanding shares for BRL48.28 each, compared to the price per share of BRL45.22 that it paid for Eletropaulo in May last year. Enel spent BRL5.55bn for 94.4% of Eletropaulo, beating a rival offer from Spain's Iberdrola. According to PricewaterhouseCoopers (PwC), Eletropaulo's shares

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