May 3, 2018 / 1:14 PM / a year ago

Brazil regulator scraps minimum price in State Grid offer to shareholders in CPFL Renovaveis

SAO PAULO, May 3 (Reuters) - The board of Brazilian securities regulator CVM has scrapped a demand for a minimum share price in a mandatory tender offer by China’s State Grid Corp to minority shareholders in CPFL Energias Renovaveis SA, according to documents released on Thursday.

The regulator agreed with some of the arguments of the Chinese company, which had offered to pay 12.20 reais per CPFL Renovaveis shares. A previous decision by the regulator’s technical body had established a minimum price of 16.60 reais per share. The board decided that State Grid has to recalculate the price in the tender offer, but refrained from defining it. (Reporting by Tatiana Bautzer Editing by Chizu Nomiyama )

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