SAO PAULO, Jan 15 (Reuters) - Brazil’s federally controlled energy generator Furnas is studying a 30-percent stake sale of its equity on the market to raise capital, an umbrella union for workers at the company, Intersindical Furnas, said on Friday.
After learning of the generator’s plans to sell a major stake of its equity on the market in a meeting with its Chief Executive Flavio Decat, Intersindical “made it clear to the president of Furnas ... we do not support the initiative,” the union said.
In an open letter, it said the sale under currently unfavorable market conditions “could result in greater losses than gains for the company.”
On Thursday, the state-run energy holding company Eletrobras SA, which controls Furnas as its subsidiary, released a note saying the plan was only one possible course that management could take in order raise capital for Furnas.
It added that the government has not authorized any plan yet for Furnas, which mainly generates power from hydroelectric plants. (Reporting by Luciano Costa; Writing by Reese Ewing)