Elliott Advisors Offers Alternative To $10.1B EDP Takeover

By Darcy Reddan (February 14, 2019, 4:20 PM EST) -- Elliott Advisors said in a letter to the Energias De Portugal board of directors on Thursday that the company must reinvest in its renewables portfolio instead of moving ahead with an approximately €9 billion ($10.1 billion) takeover offer that would leave the company "weaker, more volatile, and with a less attractive portfolio."

Elliott Advisors (UK) Ltd., which holds a 2.9 percent stake in EDP, urged the company's board to consider alternative options to China Three Gorges (Europe) SA's offer that valued the company at €3.26 ($3.68) per share. Elliott said in the letter that the company should reinvest in itself while...

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