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Brazil: State Grid buying $2.3bn more of power company

By  |  September 25, 2016

Brazil’s largest pension fund Previ decided to sell its stake in power company CPFL Energia SA to China’s utility State Grid Corp, according to a CPFL securities filing on Friday.

After State Grid’s bid to buy a controlling stake of CPFL was approved by the Brazilian antitrust body last Thursday, other shareholders were then allowed to exercise their right to also sell their stakes in the company which amount to 19.28% of the power company.

If all remaining shareholders decide to sell their stakes to State Grid, the deal’s total value could exceed $7.7 billion.

Full Content: Reuters

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