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Enel Ends Up on Top in Bid War for $2 Billion Brazil Utility

Gerson Freitas Jr, Vanessa Dezem
Enel Ends Up on Top in Bid War for $2 Billion Brazil Utility

Italian power giant Enel SpA won a highly contested multibillion-dollar battle for AES Corp.’s Brazilian utility in a move that will more than double its presence in the country’s electricity distribution market. Enel’s 45.22 reais-a-share ($12.14) offer for Eletropaulo SA topped a final one by leading rival Iberdrola SA of Spain in sealed bids opened late Wednesday on the Sao Paulo stock exchange. Enel already has three distribution companies in Rio de Janeiro, Ceara and Goias states, delivering power to millions of clients.