SAO PAULO – Shareholders of Brazilian state-run power company Eletrobras approved on Tuesday the terms for the privatization of the company, according to a Valor Economico report citing sources.
According to the report, the company’s shareholders approved 12 items at a general meeting, including its privatization.
Brazil’s government expects the privatization to happen through a share offering by mid-2022. Shares would be sold on Brazil’s Bovespa stock market and in the United States as American Depositary Receipts.
Eletrobras denied to comment, as the meeting had not yet been finalized.
(Reporting by Peter Frontini; editing by Richard Pullin)