Nov 24 (Reuters) – Brazilian power firm Neoenergia said on Monday that controlling shareholder Iberdrola has filed for a tender offer to take the company private.
- Spain-based Iberdrola plans the acquisition of up to all common shares issued by Neoenergia at a price of 32.50 reais per share, the Brazilian firm said in a securities filing.
- In September, Iberdrola raised its stake in Neoenergia to 83.8% when it purchased a 30.29% stake held by pension fund Previ in the firm for $2.2 billion.
- Iberdrola is offering the same price paid in the recent Previ deal, it said in a separate statement.
- The Spanish company expects a total disbursement of around 1.03 billion euros ($1.19 billion).
- “The transaction will simplify Neoenergia’s structure, providing its operations and financing with greater flexibility and reducing costs arising from maintaining the trading of shares on the market,” Iberdrola said.
- Neoenergia’s shares rose more than 7.5% in early Sao Paulo trading to 32.40 reais after the announcement.
($1 = 0.8662 euros)
Brazil Energy Insight 
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