ROME (dpa-AFX) - Italian utility Enel (ENLAY.PK, EN) won a highly contested multibillion-dollar battle for AES Corp.'s Brazilian utility in a move that will more than double its presence in the country's electricity distribution market.
Enel's 45.22 reais per share or $12.14 offer for Eletropaulo SA topped a final one by leading rival Iberdrola SA of Spain in sealed bids opened late Wednesday on the Sao Paulo stock exchange. The offer values the company at $2.03 billion based on 167.3 million shares outstanding.
Copyright RTT News/dpa-AFX