EDP says China Three Gorges takeover bid 'too low'

Portuguese utility EDP – parent group of the EDPR renewables empire – has rejected as too low a €3.26 per share takeover bid from China Three Gorges (CTG).

CTG on Friday launched an offer worth €9.1bn ($10.83bn) to buy the 76.7% of EDP it does not already own, in a process that would also see it take control of EDPR – one of the world’s largest wind power operators with a fleet of around 11GW.