State Grid strives for full control of CPFL

State Grid strives for full control of CPFL

Brazil China M&A Project & Infrastructure Finance

State Grid Corporation of China has launched a tender offer to take full ownership of CPFL Energia and delist the Brazilian power company from the stock exchange.The Chinese state-owned company could spend as much as BRL11.8bn ($3.8bn) to buy the 45.4% stake it does not already own in CPFL. It has offered BRL25.51 per share for as many as 462m shares.State Grid secured control of CPFL in September last year after Previ, the employee pension plan at Banco do Brasil, agreed to sell its 30% stake

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