Grupo Rede mulls selling Bragantina - Brazil

Published: Friday, January 21, 2005 18:00 (GMT -0400)More news from Brazil

By Business News Americas staff reporters

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Brazilian power group Grupo Rede plans to sell its Bragantina distribution unit, which operates in the states of São Paulo and Minas Gerais, IG Internet portal reported Friday.

Grupo Rede is reportedly seeking 110mn reais (US$41mn) for the Bragantina unit that was founded in 1903 and sells power to 102,685 consumers.

A potential buyer could be Brazil's largest power company CPFL Energia whose distribution operations are also located São Paulo, the news service reported.

Rede has recently started a deep restructuring of the group and is seeking to sell its generation assets to concentrate on its eight distribution companies, among them large companies in the northern (Celtiuns and Celpa) and center-west (Cemat) regions.

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