May 4, 2020 / 2:04 PM / a month ago

Brazil stock exchange says all AES Tiete shareholders should vote on acquisition bids

SAO PAULO, May 4 (Reuters) - Brazilian stock exchange B3 SA Brasil Bolsa Balcao reaffirmed on Monday that power company AES Tiete Energia SA should allow all shareholders, including preferred, to vote on merger or acquisition proposals, given its listing on the level 2 corporate governance segment.

In a letter sent to AES, the stock exchange denied the decision favors rival power company Eneva SA, which had a merger proposal rejected by the board. Brazil’s development bank BNDES, which is a preferred shareholder, requested the bid to be discussed in an extraordinary meeting. (Reporting by Luciano Costa, Writing by Tatiana Bautzer)

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