EDP Holder CPPIB Offers 5.4% Stake in Portugal’s Biggest Utility

Canada Pension Plan Investment Board, one of the world’s largest pension funds, is looking to sell a 5.4% stake in Portuguese energy group EDP SA.

The investor is offering about 225 million shares in an overnight placing arranged by Goldman Sachs Group Inc., according to terms seen by Bloomberg. The stock’s being offered at a range of €3.729 ($4.31) per share to the company’s closing share price Monday of €3.967 apiece. The top end of the range would imply proceeds of about €893 million, according to calculations by Bloomberg.

There was enough demand to cover the shares being ...