Neoenergia charts arbitration over Eletropaulo takeover

Neoenergia charts arbitration over Eletropaulo takeover

M&A Energy Brazil

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

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