May 9, 2018 |
Neoenergia said it has requested arbitration proceedings regarding an investment agreement it signed with power distributor Eletropaulo.
The Brazilian utility last month committed to pay BRL32.1 ($8.9) for each Eletropaulo share, but shortly after that Eletropaulo canceled the proposed share offering after it received a takeover bid from utility Enel.
Italian Enel offered to pay BRL32.2 for each Eletropaulo share, valuing the company at BRL1.54bn.
Local power company Energisa was also in the run
Brazilian power company reacts to the electric utility's decision to cancel a share offering