Takeover of Portuguese Utility Firm Latest Power Grab by China

A bid to take over Portugal’s biggest utility firm Energias de Portugal (EDP) by a Chinese state-owned company could have reverberations across Europe and North America.

In this file photo from 2011, Head of Energias de Portugal (EDP) Antonio Mexia speaks during the signing of the contract for the minority share purchase of EDP by China Three Gorges Corp. Patricia de Melo Moreira/AFP/Getty Images

A bid to take over Portugal’s biggest utility firm Energias de Portugal (EDP) by a Chinese state-owned company could have reverberations across Europe and North America.

The Beijing-based China Three Gorges Corp. announced on May 11 that it launched a 9 billion euro ($10.9 billion) all-cash bid to buy out EDP. Three Gorges had already owned a 23 percent stake in the firm prior to the takeover attempt.