The Chinese State Grid acquires a Brazilian power company for 525 million dollars


Source: marketresearchtelecast.com marketresearchtelecast.com

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Sao Paulo, Jul 16 (EFE) .- The company CPFL Energía, of the Chinese group State Grid, was awarded this Friday control of the State Electric Power Transmission Company of Rio Grande do Sul (CEEE-T), in the south of Brazil, for 2,670 million reais (525 million dollars). In an auction held on the Sao Paulo Stock Exchange, the firm controlled by State Grid acquired 66% of CEEE-T’s total share capital, offering 57% more than the minimum price required by the authorities. The group acquired the asset after a showdown with Brazil’s Energisa, which reached 2,660 million reais (523 million dollars) and...