Neva retreats in negotiation with AES Tietê

On Monday (18), the president of Eneva, Pedro Zinner, reported that the company has retreated in making a new combination of business with AES Tietê, after having a first offer refused and has no plans by the hour for a new proposal.

On March 1, Eneva made an offer that provided for an asset merger with AES Tietê. The deal would involve the company's payment of about R$ 6.6 billion to AES Tietê shareholders, with R$ 2.75 billion in cash and the remainder in shares. However, the transaction was rejected by AES Tietê's board of directors, who claimed that the proposed value undervalued its assets and that the transaction would not make strategic sense, as the company has focused on renewables while Eneva concentrates investments in thermoelectric assets with fossil fuels.

"At the moment, our decision is to really focus our efforts on implementing our strategic plan. At the moment we do not intend to present a new proposal by AES Tietê", said the executive.


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