China's Three Gorges Wins Auction For Portugal's EDP Stake

Portugal's government said on Thursday that China Three Gorges Corp. won the bidding for its 21% stake in EDP-Energias de Portugal SA with an offer of €2.69 billion ($3.51 billion), in the first of a series of sales of state-owned assets under the country's austerity program.
The deal marks the first time a mainland Chinese firm acquired a significant stake in a southern European company, and may portend other such moves as cash-strapped European governments from Madrid to Athens have been clamoring for Chinese funding to help them finance gaping budget deficits.
For government-controlled China Three Gorges, which operates the ...