China Three Gorges seeking M&A opportunities abroad
May 26, 2015 Category Mergers & Acquisitions, Weekly
The builder and operator of the world’s largest dam, China Three Gorges Corp (CTG), is seeking merger and acquisition opportunities globally to bolster its presence overseas. “Our last purchase involving a Portuguese utility company has performed well,” Executive Vice President Lin Chuxue told China Daily on the sidelines of the 2015 World Hydropower Congress, a three-day event held by the International Hydropower Association in Beijing. In 2011, CTG took a 21.35% stake in Energias de Portugal for €2.69 billion and became its single largest shareholder. It was the first acquisition of this type for the Chinese company. The total installed capacity of the projects involving overseas investment by CTG is about 6,000 megawatt (MW), but the company plans to raise that figure to 25,000 MW over the next several years, about equal to the full capacity of the Three Gorges Dam project. As of the end of 2014, the company had invested in and signed contracts to build 81 overseas projects.
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