Jan 23 State Grid Corp of China on Monday took formal ownership of controlling stakes in Brazilian power utility CPFL Energia SA, five months after having signed the agreement for the acquisition.
The transfer of ownership allows the company to make formal buyout offers to minority shareholders, CPFL said in a securities filing on Monday. State Grid will pay 25.51 per share in CPFL Energia and 12.20 for each share in CPFL Energias Renovaveis SA, both adjusted by the overnight Selic interest rate since the deal’s announcement last June. (Reporting by Tatiana Bautzer; Editing by Meredith Mazzilli)
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