May 21, 2019 / 12:24 PM / 5 months ago

Brazil's CPFL Energia offers to buy Chinese stake in renewables unit

SAO PAULO, May 21 (Reuters) - Brazilian electric utility CPFL Energia SA announced on Tuesday a memorandum of understanding with its parent company, China’s State Grid , for the potential acquisition of State Grid’s stake in its renewables arm CPFL Renovaveis <​​CPRE3.SA>.

In a statement, CPFL Energia said the price of the offer will be negotiated but noted that State Grid has already said it will sell at 16.85 reais per share. (Reporting by Luciano Costa Writing by Jamie McGeever Editing by Chizu Nomiyama)

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