In Portugal, All-Out Privatization Gets Underway

In Portugal, All-Out Privatization Gets Underway

LISBON – The most far-reaching programme of privatisation of state enterprises in the history of Portugal kicked off Thursday with the sale of almost all of the state’s shares in the Energias de Portugal (EDP) utility to China’s Three Gorges Corp.

The Chinese company paid 3.5 billion dollars for a 21 percent stake, beating out Germany’s E.ON and Brazil’s Eletrobras and Cemeg, and making it the largest shareholder. The state was left with less than four percent of the shares in the power company.

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