Rede Holder Group Welcomes Second Offer

Rede Holder Group Welcomes Second Offer

Brazil Corporate & Sovereign Strategy M&A

Bondholders of Brazil’s Rede Energia have welcomed a BRL3.2bn ($1.5bn) offer to buy nine Rede subsidiaries from Companhia Paranaense de Energia (Copel) and Energisa, which competes with a deal proposed last year from CPFL Energia and Equatorial Energia. The proposal is “a viable and much more valuable alternative to the plan Rede has proposed,” according to a statement from a steering group made up of some of the holders of Rede's 11.125% perpetual notes. Calling the two “well capitalized” and “

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