The biggest energy company in Portugal— EDP-Energias de Portugal SA—is expected to reject a US$10.9 billion (9.1 billion euro) offer from its largest shareholder China Three Gorges that seeks to buy the stock it doesn’t already own, because the proposed price is too low, Bloomberg reported on Monday, quoting people with knowledge of the matter. Late on Friday, China Three Gorges (CTG)—which already owns 23.27 percent in EDP—said that it was offering US$3.907 ( 3.26 euros ) per EDP share in a proposed deal valued at 9.07 billion euro, excluding the Chinese company’s 23-percent stake that it already owns. EDP’s board could meet as early as this week to discuss the offer, but according to Bloomberg’s sources, the board views the proposed per-share offer as too low and undervaluing the Portuguese company, as it suggests a premium of just 4.8 percent above the Friday close of EDP’s shares. On […]