Sale of Eletropaulo stake set for June
Brazilian securities regulator CVM has announced the date and rules for the tender offer to acquire the 17% stake in Brazilian power distribution company Eletropaulo indirectly held by US firm AES Corporation.
The auction will take place on June 4 and all offers must be submitted by May 7. Companies can change their offers up until 10 days before the auction, as long as they announce it publicly on their own websites or on the CVM's website.
New bids from companies registered until May 24 can be presented during the auction and the process will follow B3 stock exchange guidance.
So far, Energisa, Enel and Neoenergia, the latter controlled by the Spanish group Iberdrola, have shown an interest in acquiring the Brazilian firm. Other companies intending to take part in the sale process will need to announce that by May 14.
State Grid could also intend to participate in the auction, according to media reports in Brazil, but Eletropaulo denied receiving any expression of interest from the Chinese firm as yet.
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