China on shopping tour in Europe:buys 21,35% of Portuguese utility EDP for 2.7bn

Discussion in 'Wall St. News' started by ASusilovic, Dec 22, 2011.

  1. Dec 22 (Reuters) - Portugal's government decided on Thursday to sell a 21.35 percent stake in utility EDP to China Three Gorges in a closely watched privatisation seen key to the country's ability to sell state assets as it struggles through its debt crisis.

    State holding company Parpublica said China Three Gorges offered 2.693 billion euros for the sale of the stake in EDP. The Chinese energy giant beat out Germany's E.ON and Brazil's Eletrobras.

    EDP's strong presence in alternative energy and its business in fash-growing Brazil atracted strong interest from bidders even though EDP has been hit at home as debt-laden Portugal struggles through its worst recession in decades.

    The privatisation was a condition of Portugal's 78-billion-euro bailout from the European Union and IMF. The government is also selling a stake in state-controlled power grid company REN.
  2. Tsing Tao

    Tsing Tao

    Might as well set the Yuan on fire, because it's not getting paid back.
  3. asap


    as part of the agreement they'll invest an additional €8B and will finance the portuguese economy and commercial banks. It appears that Portugal has become the trojan horse for the chinese economic domination program in europe.

    the portuguese government rejected a bid from E.On the german utility and preliminary notes indicate the chinese really were all-in to get this stake, so they'd beat any other contender. it looks like this was pivotal for them.
  4. Rebalancing and deleveraging in action, innit?
  5. zdreg


    "Might as well set the Yuan on fire, because it's not getting paid back."

    please explain this statement.

  6. He doesn't know what he is saying....... he makes these blanket statements but he wants others to qualify every word they say.
  7. zdreg


    ask him a question and a curtain of silence drops. perhaps his current silence on this thread is a gift for the holiday season.
  8. I have been watching this for a long time. The Chinese are encircling the European continent bit by bit until they have control and can break thier markets. I don't think any major en masse buying will occur until the financial contagients are quarentined into Euro banks which will colapse. When all is said an done the European leadership will have to kow tow and allow the Chinese more authority in Global affiars. The summer palace incident is still a sore spot in world history. 20 years ago I would have never imagined aid being given by China to 3rd world nations. This was something the Americans did. The convergence of Chimerica is increasing its pace and could complete the globalization process within 10 years. BTW:

    Welcome to Planet Misery,


    BUY GOLD!!!
  9. US pegged its dollar to OPEC oil.
    China pegged its yuan to their exports.
  10. zdreg


    #10     Dec 27, 2011