BNDES plots Renova exit

BNDES plots Renova exit

Equity Capital Markets Corporate & Sovereign Strategy M&A Energy Electricity Politics Brazil

BNDESPar, the investment division of Brazil's national development bank BNDES, intends to sell its 5.01% stake in the local power company Renova Energia. BNDESPar owns 696,683 units in Renova, according to the firm's parent company, the Minas Gerais state power company Cemig. Shares in Renova rose 3.04% after the announcement to close at BRL10.50 ($2.67) on Friday. BNDES said in January that it will sell equity stakes held by BNDESPar as it raises money to pay back BRL100bn to the government thi

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