Brazil’s Senate approves Eletrobras privatization bill

Brazil’s government expects to raise roughly R$25 billion (US$4.95 billion) from the share sale. The proceeds will go to the Treasury to pay for the renewal of concessions for Eletrobras hydroelectric plants and transmission lines.

RIO DE JANEIRO, BRAZIL - Brazil’s Senate voted on Thursday, June 17, to approve the basic text of a bill allowing the privatization of state-controlled energy giant Eletrobras, but the measure must return to the lower house for final passage due to changes made by senators.

Lower house Speaker Arthur Lira has called an extra session on Monday to vote on the bill.

The legislation would privatize Latin America’s biggest power utility, known formally as Centrais Eletricas Brasileiras SA, by floating shares on the stock market, with the state relinquishing control by diluting its current 61% stake down . . .

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