Elliott Management, the powerful US activist hedge fund, fired a broadside against China Three Gorges’ €9.1bn ($10.3bn) takeover bid for Portuguese utility group EDP, arguing that the deal has stalled and getting it over the finish line would require an undesirable sale of EDP’s huge US renewables portfolio.

Elliott Advisors (UK) Limited, the hedge fund’s London-based arm, says China Three Gorges’ (CTG) takeover offer put forward in May 2018 was too low to begin with, and now represents an overhang of uncertainty at a time of huge opportunity for the world’s fourth largest wind operator.