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Monday, February 06, 2012 22:30 GMT
Portugal’s government said it is selling a 40% stake in national grid operator REN to China’s State Grid Corp. and Oman Oil for a combined 592 million euros (US$778 million). Portugal is privatizing some state companies to comply with the terms of a 78 billion euros (US$102 billion) bailout it needed last year. The revenue helps pay off the country’s huge debts. The Cabinet announced that State Grid Corp., China’s main electricity distributor, will pay 387 million euros for a 25% stake in REN -...More