RIO DE JANEIRO, Nov 27 (Reuters) - Brazil’s Light has dropped a plan for a share offering after its controlling shareholders blocked the move due to market conditions, the electricity distributor said on Tuesday.
The company, controlled by Brazil’s state-run utility Companhia Energética de Minas Gerais (Cemig), said in August it was considering a share offer and said it had a preliminary agreement with the Brazilian private equity firm GP Investments Ltd to buy part of its shares.
The share offer was ruled out by the firm’s main shareholders at a meeting on Nov. 26. “Light will continue to monitor market opportunities to optimize its capital structure,” the company said. (Reporting by Alexandra Alper Editing by Edmund Blair)