SAO PAULO, Sept 22 (Reuters) - An investment holding company comprised of four Brazilian pension funds will decide on whether to accept State Grid Corp of China’s bid for their combined stake in CPFL Energia SA on Sept. 27.
Bonaire, as the investment holding company is known, disclosed the date in an email to Reuters on Thursday.
On July 1, State Grid, the world’s largest utility, agreed to buy Brazilian construction conglomerate Camargo Correa SA’s 23.6 percent stake in CPFL for 5.9 billion reais ($1.8 billion). Under terms of a shareholder accord, State Grid had to extend the same offer to the investment vehicle, known as Bonaire and which is formed by Fundação Cesp, Petros Fundação Petrobras , Sistel and Fundação Sabesp.
$1 = 3.2169 Brazilian reais Reporting by Luciano Costa; Writing by Guillermo Parra-Bernal