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Brazil minister says Eletrobras nationalization ‘not on the agenda’ – Reuters

The logo for Eletrobras, a Brazilian electric utilities company, is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 9, 2019. (Brendan McDermid/Reuters)

Reporting by Leticia Fucuchima

SAO PAULO
EnergiesNet.com 05 16 2023

Brazilian Mines and Energy Minister Alexandre Silveira said on Monday that a re-nationalization of power firm Eletrobras , which went private last year, is not on the agenda.

Talking in an event in Sao Paulo, Silveira said that the government President Luiz Inacio Lula da Silva – which still holds a large non-controlling stake – had at first considered reversing the privatization, but decided against it.

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Silveira said a debate over re-nationalizing the firm ad been defeated and that the government had decided on a “second path,” referring to the government’s request the Supreme Court grant it voting power proportional to its stake in the company.

Brazil owns 43% of Eletrobras’ common shares, after the previous government last year diluted its then-controlling stake in the firm in a $6.9 billion share offering.

A privatization law currently prohibits shareholders from exercising voting power greater than 10%.

reuters.com 05 15 2023

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