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Controlling shareholders looking to sell stake in Norte Energia -paper
February 10, 2017 / 12:07 PM / 10 months ago

Controlling shareholders looking to sell stake in Norte Energia -paper

SAO PAULO, Feb 10 (Reuters) - The controlling shareholders of Norte Energia SA, the owner of the Belo Monte hydroelectric dam, have hired banks to sell their stake, newspaper Estado de S. Paulo said on Friday.

According to the report, the shareholders looking to sell are Neoenergia SA, Cia Energética de Minas Gerais SA , Light SA, Vale SA, Siderúrgica Norte Brasil SA, J Malucelli Energia SA and pension funds Petros Fundação Petrobras and Funcef Fundação .

They have hired Bradesco BBI, the investment banking unit of Banco Bradesco SA, and an unidentified foreign investment bank to sell their 50.02 percent combined stake in Norte Energia, Estado said, citing sources close to the company.

Centrais Elétricas Brasileiras SA, which holds the remaining 49.98 percent, is not actively looking to sell but could decide to exercise tag-along rights, the report said.

The equity value of Belo Monte, the world’s No. 3 hydroelectric dam in terms of power generation capacity, is 10 billion reais ($3.2 billion), according to the report.

Chinese utilities State Grid Corp and China Three Gorges Corp have shown interest in the stake, which is likely to be sold to a consortium, the article said.

Norte Energia and Bradesco BBI did not immediately respond to requests for comment.

$1 = 3.1299 reais Writing by Bruno Federowski Editing b W Simon

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