May 4, 2018 |
Brazil's securities regulator CVM has told the Chinese electric company State Grid to come up with a revised offer for minority shareholders in the renewable energy division of CPFL Energia.
State Grid previously offered BRL12.20 ($3.45) per share, but in February the CVM put the minimum price at BRL16.69 per share. The regulator has now removed the minimum price requirement but gave State Grid 30 days to recalculate the offer.
Shares in CPFL Renováveis dropped 2.11% to BRL14.83 after the CVM'
Securities regulator CVM backs the energy company's minority shareholders, demanding that the Chinese firm pay a higher stock price