Government raises R $1.7 billion in sales of Cesp for Votorantim Energia and CPPIB

On Friday, October 19, in his fifth attempt, the government of São Paulo managed to sell Cesp (Companhia Energetica de São Paulo) to Votorantim Energia and to the Canadian Fund, Canadian Pension Plan Investment Board (CPPIB). The price stipulated at the beginning of the proposal per share was R $14.30 being lower than the previous attempt value of R $16.80.

The only and winning proposal was set at R $14.60 equivalent to r $1.7 billion and the government of São Paulo still negotiated with the Union the extension of the state contract from 2028 to 2048. The deliveries of tenders should be made until the last Friday, October 19, between 9h and 10h, on the São Paulo Stock Exchange, but there was a delay because the Federal Court of Presidente Prudente had suspended on Thursday, (18), the concession of the plant Porto Primavera Hydroelectric power plant, the main distributor of Cesp.

The attorney general of São Paulo, has obtained a warrant that reverts the decision of the Federal court in suspending the sale of the state, in addition to gaining the right to remain with the privatization process through auction.

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