May 22, 2019 |
Brazil's CPFL Energia said it has offered to buy the stake in its renewable energy division owned by its parent company, China's state-owned utility State Grid.
The two companies still have to agree upon the final price, but State Grid previously said it could sell the stake in CPFL Energia Renováveis for BRL16.85 ($4.15) per share, CPFL Energia said in a statement.
CPFL Energia also said it has hired UBS to determine a price per share for State Grid's stake in the renewable energy business.
Brazilian energy company hires UBS to determine a fair price per share for its parent company's stake in CPFL Renováveis