Controlling shareholders looking to sell stake in Norte Energia -paper

Banco Bradesco

10/02/2017 12:03

SAO PAULO, Feb 10 (Reuters) - The controlling shareholders 
of Norte Energia SA, the owner of the Belo Monte hydroelectric 
dam, have hired banks to sell their stake, newspaper Estado de 
S. Paulo said on Friday. 
    According to the report, the shareholders looking to sell 
are Neoenergia SA  GNAN3B.SO , Cia Energética de Minas Gerais SA 
 CMIG4.SA , Light SA  LIGT3.SA , Vale SA  VALE5.SA , Siderúrgica 
Norte Brasil SA  SIMR.UL , J Malucelli Energia SA and pension 
funds Petros Fundação Petrobras  PETROS.UL  and Funcef Fundação 
 FUNCEF.UL . 
    They have hired Bradesco BBI, the investment banking unit of 
Banco Bradesco SA  BBDC4.SA , and an unidentified foreign 
investment bank to sell their 50.02 percent combined stake in 
Norte Energia, Estado said, citing sources close to the company. 
    Centrais Elétricas Brasileiras SA  ELET6.SA , which holds 
the remaining 49.98 percent, is not actively looking to sell but 
could decide to exercise tag-along rights, the report said. 
    The equity value of Belo Monte, the world's No. 3 
hydroelectric dam in terms of power generation capacity, is 10 
billion reais  ($3.2 billion), according to the report. 
    Chinese utilities State Grid Corp  STGRD.UL  and China Three 
Gorges Corp  CYTGP.UL  have shown interest in the stake, which 
is likely to be sold to a consortium, the article said. 
    Norte Energia and Bradesco BBI did not immediately respond 
to requests for comment. 
    ($1 = 3.1299 reais) 
 
 (Writing by Bruno Federowski Editing b W Simon) 
 ((Bruno.Federowski@thomsonreuters.com; 55 11 5644 7768; Reuters 
Messaging: bruno.federowski.thomsonreuters.com@reuters.net)) 
 
Keywords: BELO MONTE M&A/