Portugal govt could revoke conversion element of EDP convertible issue - report |
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Published
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Sun, 14 Oct 2007 20:53
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LISBON (Thomson Financial) - The Portuguese government has left the door open to revoking the rights of conversion in its upcoming convertible bond issue for up to 5 pct of EDP Energias de Portugal, enabling it to re-acquire the stake, Jornal de Negocios reported without citing a source.According to the newspaper, the government in power when the conversion date falls due could opt for reimbursing investors instead of allowing them to convert the bonds into EDP shares.The newspaper said that this measure is designed to appease EDP chairman Antonio Mexia, who has said he is against further privatisations of the state's about 25 pct stake in EDP.Yesterday, the Portuguese government said it plans to privatise up to 5 pct of EDP Energias de Portugal SA this year via convertible bonds, with the terms of the issue yet to be determined.jonathan.gleave@thomson.comjg/akCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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