Diadema prepares to vote on Sabesp, Saned merger

- Thursday, June 30, 2011

Diadema prepares to vote on Sabesp, Saned merger

Brazilian São Paulo state's Diadema city council will hold a public hearing on Monday (Jul 4) regarding a proposed merger of the city's water utility Saned with state water utility Sabesp (Bovespa: SBSP3, NYSE: SBS).

The matter was due to be voted on Thursday (Jun 30) but was postponed to allow for a public consultation, local paper Diário do Grande ABC reported.

The proposed merger would involve creating a new Diadema utility with capital divided between the city government and Sabesp, according to the report.

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Diadema is located in the São Paulo metropolitan region, just south of the state capital.