President Jair Bolsonaro agreed with the capitalization model to be implemented in Eletrobras, proposed by the Ministries of Economics and Mines and Energy, during a meeting held on Thursday (1). This means that, when implemented, the Union will cease to have the stock control of the state, with shares of less than 50%, and the company is definitely privatized. The expectation is that the process will be completed later this year.
From now on, studies will be conducted to define the company's stock sales model in the stock exchange. Thus, there will be a sale of common shares (without voting power) in the stock Exchange and the Union will not be part of the group of buyers. In practice, the largest electricity company in Latin America will become a capitalized company, without definite control.
Former president Michel Temer attempted to privatize Eletrobras during his government, however, it was impeded by the National Congress to even destatise the company's subsidiaries. Now, continuing the guidelines of the previous management, the current Government concludes the process of privatization of the energy distributors of the state and gives introduction to the process of capitalization of Eletrobras.
Despite the green signal of Jair Bolsonaro, to be concluded, the process of denationalization of the company still depends on the endorsement of the Congress, considering that, according to the decision of the Supreme Court determined in June this year, the privatization of Without authorisation of the legislative power.
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