April 20, 2018 / 9:37 PM / a year ago

Brazil's Neoenergia raises bid for Eletropaulo above rival Enel offer

SAO PAULO (Reuters) - Brazil’s power company Neoenergia (NEOE3B.SO) on Friday raised its takeover bid for power distribution company Eletropaulo Metropolitana SA (ELPL3.SA) from 25.51 reais to 29.40 reais per share, according to a securities filing.

Neoenergia, which is controlled by Spanish company Iberdrola (IBE.MC), is competing with Italy’s Enel (ENEI.MI) for a controlling stake in Eletropaulo, Brazil’s largest power distribution firm. Enel had raised its offer on April 19 to 28 reais per share plus a cash injection of 1.5 billion reais to be made after the acquisition.

Reporting by Marcelo Teixeira; Editing by Richard Chang

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