Canada’s pension fund (Canada Pension Plan), one of the largest in the world, intends to sell its 5.4% stake in EDP, the Portuguese company said this Monday, in a statement sent to the Securities Market Commission (CMVM).
According to the same note, EDP said that the fund communicated to it “its intention to sell up to 224,476,093 shares representing up to 5.4% of the share capital of EDP, SA”.
The news was reported by Bloomberg, which estimated that the deal could generate revenue of around 893 million euros (1.03 billion dollars) based on the closing share price on Monday.
In the statement, the pension fund clarifies “that it is launching a private placement of shares” aimed “exclusively at qualified institutional investors”, highlighting that EDP “will not receive any revenue from the transaction”.
China Three Gorges is EDP’s main shareholder, with 21.4% of the capital, followed by Oppidum Capital SL, with 6.82%, and Blackrock Inc, with 6.08%, according to the company’s website.
EDP shares closed today’s session on a high, rising 1.90% to 3.97 euros, but last week they were hurt by the announcement that the company recorded a profit of 952 million euros in the first nine months of the year, 12% less compared to the same period last year.
EDP announced a new strategic plan to invest 12 billion euros between 2026 and 2028, with a view to expanding its wind and solar energy.
The investment now announced is lower than that of the previous strategic plan (25,000 million euros for the period 2023-2026), but EDP highlighted that the new cycle favors projects with higher returns and greater financial discipline.