Potential candidates to acquire large stakes in Energias de Portugal - including China Power, Spain's Iberdrola and Eletrobras of Brazil - have begun to emerge as the Lisbon government prepares to sell its remaining 25% holding. Some analysts are forecasting that the company could become the target of a hostile takeover bid following a decision to abolish the state's golden share in the company, which gave the government special veto rights over strategic board decisions. Both the elimination of the golden share, recently approved by the government, and the sale of the remaining state holding are required under the terms of Portugal's €78 billion bail-out agreement with the European Union and International Monetary Fund.
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