April 24, 2019 / 5:16 PM / a month ago

EDP shareholders vote scuppers Chinese takeover bid

LISBON, April 24 (Reuters) - Shareholders of EDP-Energias de Portugal rejected on Wednesday a voting rights reform, effectively blocking a 9 billion euro ($10 billion) takeover bid for the utility announced by China Three Gorges (CTG) almost a year ago.

The proposed scrapping of a 25 percent voting right limit was a key condition of CTG’s attempt to take over Portugal’s largest company, but it was opposed by activist investor Elliott. Portugal’s stock market regulator said earlier its rejection would put an end to the offer.

It needed the support of two-thirds of shareholders present at Wednesday’s annual general meeting, but nearly 57 percent of those present voted against, one shareholder said.

$1 = 0.8937 euros Reporting By Sergio Goncalves, writing by Andrei Khalip; Editing by Elaine Hardcastle

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