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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Companhia Energetica de Minas Gerais - Cemig | NYSE:CIGC | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
SAO PAULO--Brazil mining company Vale SA (VALE) is acquiring a controlling stake in energy consortium Capim Branco Energia from paper and pulp company Suzano Papel e Celulose SA (SUZB5.BR) for 223 million Brazilian reais ($113 million), the company said Thursday in a statement.
"Vale exercised its right and completed the acquisition of a 12.47% stake in Capim Branco I and II hydroelectric power plants from Suzano. As a consequence, Vale's stake will reach 60.89% of Capim Branco I and II, which can generate 1,524 gigawatts hours of energy per year by the end of the concession in 2036," Vale said in a statement.
From Vale's perspective, the acquisition targets reduction of the cost of energy of its operations, while for Suzano, the sale represents its strategy to disinvest in noncore assets as part of its efforts to reduce debts.
Before the transaction, Suzano controlled Capim Branco Energia through a consortium with Minas Gerais-run power utility company Cemig SA (CIG, CIGC, CMIG4.BR) with a 21.1% stake, Vale with a 48.4% stake, and industrial conglomerate Votorantim, which has a 12.6% stake.
Now, Capim Branco will be controlled by the consortium lead by Vale, with participation from Cemig and Votorantim. Suzano said in a separate statement that the sale of its stake totaled BRL320 million, as the company also agreed to sell a portion of its stake to Cemig, although it did not unveil the current stake held by Cemig in Capim Branco.
Write to Rogerio Jelmayer at rogerio.jelmayer@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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