May 30, 2018 / 11:06 PM / a year ago

Enel outbids Iberdrola unit for Brazil utility Eletropaulo

SAO PAULO, May 30 (Reuters) - The Brazilian unit of Italian utility Enel SpA on Wednesday presented the highest bid for shares of power grid operator Eletropaulo Metropolitana Eletricidade de Sao Paulo SA, according to an Eletropaulo filing.

Enel said it will pay 45.22 reais per share for Eletropaulo, beating a bid of 39.53 reais per share from Neoenergia SA , Brazil’s largest utility by customer base, which is controlled by Spain’s Iberdrola. (Reporting by Carolina Mandl Editing by Leslie Adler)

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