November 5, 2019 / 9:25 PM / 14 days ago

Brazil's Bolsonaro sends bill to privatize Eletrobras power company

FILE PHOTO: Brazil's President Jair Bolsonaro speaks during a ceremony at the Planalto Palace in Brasilia, Brazil, November 4, 2019. REUTERS/Adriano Machado

BRASILIA (Reuters) - Brazil’s President Jair Bolsonaro signed a bill on Tuesday for the privatization of state-run Centrais Eletricas Brasileiras SA (ELET6.SA), Latin America’s largest power company and a sale of major state asset that must be approved by Congress.

The bill may face strong resistance in Congress because the government dropped the idea of maintaining a golden share in the company that would assure it the power to veto decisions once sold, which many lawmakers see as a needed guarantee for the country’s security.

(This story refiles to fix typo in headline)

Reporting by Lisandra Paraguassu; Editing by Sandra Maler

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