May 18, 2018 / 11:15 AM / a year ago

Norway wealth fund raised stake in EDP after China takeover bid

LISBON, May 18 (Reuters) - Norges Bank, which manages Norway’s sovereign wealth fund, increased its stake in Portuguese utility EDP-Energias de Portugal May 14 after China Three Gorges announced a 9 billion euro ($10.60 billion) takeover bid for the company, EDP said in a statement.

EDP, Portugal’s biggest company, said the stake held directly by Norges Bank increased to 2.13 percent of its share capital. It did not say how much Norway’s central bank owned before May 14. EDP’s website said Norges Bank’s direct stake last stood at 1.96 percent.

It also holds an indirect 0.08 percent stake through shares on loan.

EDP shares jumped on Monday to close more than 9 percent higher, above the 3.26 euro a share price offered by China Three Gorges last Friday, as investors bet on a higher offer or rival bid. EDP has since said it considered the bid as low.

EDP shares traded 0.5 percent higher at 11:35 am (1035 GMT) on Friday at 3.417 euros. ($1 = 0.8491 euros) (Reporting By Andrei Khalip. Editing by Jane Merriman)

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