April 26, 2018 / 2:30 PM / a year ago

Italy's Enel raises takeover bid for Brazil's Eletropaulo to $1.54 billion

FILE PHOTO: The logo of Enel Group is seen on a Formula E racing car during a news conference to present their partnership with FIA Formula E Championship at the MAXXI National Museum in Rome, Italy May 17, 2016 REUTERS/Alessandro Bianchi

SAO PAULO (Reuters) - Brazil power company Eletropaulo Metropolitana said in a securities filing that Italy’s Enel has raised its takeover bid for the company to 32.20 reais per share.

The bid values Eletropaulo at 5.39 billion reais (1.1 billion pounds) and tops an offer by Neoenergia SA, controlled by Spain’s Iberdrola SA on Wedsnesday for the Brazilian company at 32.10 reais per share.

Reporting by Luciano Costa; Writing by Tatiana Bautzer; Editing by Chizu Nomiyama

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