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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Iberdrola SA | BIT:IBE | Italy | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
From May 2019 to May 2024
By Rogerio Jelmayer
SAO PAULO--The board of Brazil's state-run Banco do Brasil SA (BBAS3.BR) has authorized the sale of a 19% stake in local power generation company Itapebi Geracao de Energia S.A. to electricity generator and distributor Neoenergia SA (GNAN3B.SM).
Banco do Brasil said late Monday that it expects to post a one-time gross gain worth 174.9 million Brazilian reais ($76 million) if the sale takes place.
The stake in Neoenergia is held by the investment bank unit of Banco do Brasil.
In November, Neoenergia said it was in talks to acquire a 58% stake in Itapebi.
Another 16.4% is controlled by Previ, the pension fund of workers of Banco do Brasil, while 22.6% is controlled by Spanish utility Iberdrola SA (IBE.MC).
Itapebi posted gross revenue of 334 million Brazilian reais in 2012 and a net profit of 186 million Brazilian reais.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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