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Business Maverick: Brazil Power Giant’s $14 Billion Sale Nears Make-Or-Break Point

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Investors in Brazil’s state-controlled power utility Eletrobras are waiting for a key ruling that could allow the government to move forward with the company’s long-awaited privatisation plan.

President Jair Bolsonaro’s administration is seeking to privatize Eletrobras through a capital increase in which the state’s stake would end up diluted, effectively giving up control of the Rio de Janeiro-based firm while retaining some veto rights. Lawmakers approved the sale process, but Brazil’s audit court still needs to green-light it. TCU, as the court is known, is scheduled to discuss the topic Wednesday, including the minimum price for the offering.

If the sale goes through, “we see an opportunity for the company to pursue efficiency gains, bring operating levels closer to where private players operate,” Goldman Sachs analysts led by Pedro Manfredini wrote in a report dated April 11, reaffirming a buy-equivalent rating for the stock. If the offering doesn’t occur by May 13, Eletrobras will need to update the sale’s prospectus with first-quarter results, delaying the operation to the third quarter, closer to the election. At TCU’s Wednesday session, one of the court’s ministers could request more time to review the matter, according to a Bloomberg News report.

 

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