Best Corporates: Open for business

Best Corporates: Open for business

Corporate & Sovereign Strategy Brazil

When Companhia Energética de Minas Gerais (Cemig) followed through on its promise to increase the free float of shares of its subsidiary last year, the company put its strong relationships with investors to the test. It had to convince buyers to overlook the illiquid trading levels at Transmissora Aliança de Energia Elétrica (Taesa) and instead accept pricing of the 27 million units (a unit is one ordinary and two preferred shares) through a price range as if it were an IPO. The range was based on the valuation of the research analysts in addition to trading levels. A global investor education effort involved speaking to more than 110 accounts and included three analysts. The strategy

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