Abu Dhabi government-owned Mubadala has secured the right to match any other higher bid for some of the assets of bankrupt Brazilian energy company Renova, the latter said in a regulatory notice.
According to Arabia Net, Mubadala has made a binding offer of 1.1 billion Brazilian reais ($211 million) to buy Renova's 51% stake in its Brasil PCH unit, which owns 13 small hydropower plants, Reuters reported.
According to Renova's website, the company acquired a 51% stake in Brasil PCH in January 2014.
The company said the offer, which includes a series of conditions, is part of a competitive asset sale, subject to terms approved in its judicial plan.
It is reported that Renova declared bankruptcy in October 2019.
