UPDATE 1-China's State Grid has $6 bln to buy CPFL minority stakes -sources
(Adds Previ comments and context)
By Leonardo Goy and Alonso Soto
BRASILIA, July 6 (Reuters) - China's State Grid International Development Ltd has 20 billion reais ($6.02 billion) to buy minority stakes held by shareholders of CPFL Energia SA, two government sources told Reuters on Wednesday.
State Grid, the world's largest utility, will grant the same price it offered to Camargo Correa SA, the largest holder in CPFL, said the sources, who requested anonymity because they were not allowed to speak publicly.
Camargo Correa agreed last week to sell its stake for 5.85 billion reais ($1.76 billion), and will receive 25 reais per share, nearly 22 percent more than the share price on the day prior to the announcement of the deal.
The pension fund for the employees of Banco do Brasil, Previ, and Bonaire Participações, which are also part of CPFL's controlling block, told Reuters they have not yet decided whether they will sell their stakes. The funds have to decide in 60 days, according to CPFLs shareholders agreement.
"Previ is technically analyzing the opportunity," the fund said through its press office.
Other pension funds led by Petros, for the employees of state oil company Petróleo Brasileiro SA, control Bonaire.
State Grid will have to extend the offer to all shareholders in CPFL Energia SA, as required by the BM&F Bovespa.
Shares in CPFL were down 1.22 percent at 21.90 reais on Wednesday afternoon.
($1 = 3.3215 Brazilian reais) (Additional reporting by Luciano Costa and Tatiana Bautzer in Sao Paulo; Editing by Chizu Nomiyama and Diane Craft)
© Thomson Reuters 2017 All rights reserved.