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Portugal government says to sell 5 pct of EDP
Real estate news By Reuters
Thu Oct 11, 2007 4:48pm ET
LISBON, Oct 11 (Reuters) - Portugal will sell 5 percent of power company EDP (EDP.LS: Quote, Profile , Research) in convertible bonds and remain with a stake of about 20 percent, the country's Socialist government said on Thursday.
The government did not say when it expects to carry out the sale of part of its stake in EDP but Finance Minister Fernando Teixeira dos Santos recently said he could sell part of EDP's stake to reduce state debt in 2007.
State-holding Parpublica currently holds 20.49 percent of EDP, while state-owned Caixa Geral de Depositos holds another 4.9 percent. The government plans to sell the 5 percent stake through Parpublica. EDP shares closed up 2.14 percent at 4.3 euros in average trading volume.
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