Eneva updates AES Tietê bid

Eneva updates AES Tietê bid

M&A Equity Capital Markets Energy Electricity Brazil US

Brazil's Eneva has submitted a revised bid to buy AES Tietê Energia, offering more cash and fewer shares, after US-based AES Corp reportedly made a proposal to buy an additional stake in the local business. Eneva offered to pay almost BRL2 billion ($389 million) in cash and 0.057504313 common share for every share in AES Tietê, equal to a 17% premium on the closing prices on July 23. In the previous offer, the Rio de Janeiro-based company put up BRL728 million in cash and 0.06539522 share for ev

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