April 3, 2019 / 12:46 PM / 3 months ago

Chinese utility State Grid plans to offer shares of Brazil's CPFL

SAO PAULO, April 3 (Reuters) - State Grid Corporation of China plans a share offering of its Brazilian unit CPFL Energia SA that would roughly triple the number of CPFL’s shares that trade publicly, according to a securities filing late Tuesday.

The Chinese state-owned electricity utility acquired a controlling stake in CPFL and its subsidiary CPFL Energias Renováveis SA for 17.36 billion reais ($4.50 billion) in 2017.

State Grid subsequently launched an unsuccessful tender offer to delist CPFL, with a 5.25 percent stake of the Brazilian firm remaining in the hands of minority shareholders and trading publicly.

The Chinese company said in the filing it intends to have a minimum free float of 15 percent, without providing further details.

State Grid’s move comes at the same time another Brazilian power company, Neoenergia SA, intends to list its shares on Brazil’s B3 stock exchange. ($1 = 3.8558 reais) (Reporting by Carolina Mandl; Editing by Steve Orlofsky)

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