July 12, 2018 / 11:29 AM / a year ago

CPFL Renováveis holders file new complaint over buyout price -papers

BRASILIA, July 12 (Reuters) - Minority shareholders in Brazilian power utility CPFL Energia Renováveis SA have filed a new complaint with Brazilian regulators over a proposal by China’s State Grid Corp to buy them out for 13.81 reais per share, two Brazilian newspapers reported on Thursday.

In a letter to securities regulator CVM, CPFL Renováveis shareholders called the proposed price “damaging” and requested that State Grid review it, according to newspapers Valor Econômico and Estado de S.Paulo.

CVM in February rejected State Grid’s original proposal to pay 12.20 reais per CPFL Renováveis share in response to a complaint by minority shareholders, driving it to raise the offer.

Under the terms of State Grid’s initial proposal, it would have paid 17.36 billion reais for stakes in CPFL Renováveis and its controlling shareholder, CPFL Energia SA.

But the letter stated that if State Grid applies the same methodology it used to set a price for the CPFL Energia stake, it would pay 16.74 reais per CPFL Renováveis share, Valor reported.

State Grid, CPFL Renováveis and the CVM regulator did not immediately respond to requests for comment. (Reporting by Bruno Federowski Editing by Jeffrey Benkoe)

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