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Shareholders approve Brazil’s Eletrobras privatization, Lula warns investors not to buy

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)

Reuters

SAO PAULO /BRASILIA
EnergiesNet.com 02 23 2022

Shareholders of Brazilian state-run power company Eletrobras (ELET6.SA) approved on Tuesday the terms for the privatization of the company, according to a Valor Economico report citing sources.

According to the report, the company’s shareholders approved 12 items at a general meeting, including its privatization.

Brazil’s government expects the privatization to happen through a share offering by mid-2022. Shares would be sold on Brazil’s Bovespa stock market and in the United States as American Depositary Receipts.https://bb8afd3112c0f80693ec3a8f89fb5346.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html

Eletrobras denied to comment, as the meeting had not yet been finalized.

Reporting by Peter Frontini in Sao Paulo

Lula warns investors not to buy state-run utility Eletrobras

Brazil’s former leftist President Luiz Inacio Lula da Silva, who leads early polls for the October presidential election, said on Tuesday his Workers Party opposes privatization of state-run companies and warned investors not to buy Eletrobras.

Brazil’s government is trying to end state control of Eletrobras, Latin America’s largest power utility, which is known formally as Centrais Eletricas Brasileiras SA, by floating new shares this year to dilute its controlling stake.

“Selling Eletrobras for the price of bananas means selling a state asset and increasing unemployment,” Lula said in a radio interview. “I’d tell investors to think twice before buying Eletrobras.”

Reporting by Lisandra Paraguassu and Anthony Boadle in Brasilia, Gabriel Araujo in Sao Paulo.

reuters.com 02 22 3022

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