State-owned giant China Three Gorges (CTG) has launched a €9.1bn ($10.83bn) bid to take control of Portuguese utility EDP, in what would rank as one of China’s biggest takeovers in Europe.

The all-cash €3.26 per share offer seeks to reach at least a 50% voting stake, plus one share in the company, CTG said. The Chinese group is already EDP’s largest shareholder with a 23.3%