Business News
Chinese and Omani companies take 40 per cent of Portugal's REN
Feb 2, 2012, 18:13 GMT
Lisbon - Portugal will sell 40 per cent of its power distribution utility REN to Chinese and Omani companies, the government announced on Thursday.
China's State Grid and Oman Oil Company will take 25 and 15 per cent stakes respectively. The state, which held 51 per cent of REN, will retain 11 per cent.
The deal will earn Portugal 592 million euros (770 million dollars), which is 150 million euros above market value, treasury secretary of state Maria Luis Albuquerque said.
The deal is part of an extensive privatization programme that Prime Minister Pedro Passos Coelho's conservative government agreed with the European Union and the International Monetary Fund.
The two institutions have granted Portugal loans worth 78 billion euros.
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