Brazilian pension fund Previ sells stake in CPFL
Brazil's Caixa De Previdencia Dos Funcionarios Do Banco Do Brasil (Previ), the pension fund for the employees of federally controlled banking Banco do Brasil, has decided to sell its minority stake in CPFL Energia SA to State Grid Corporation of China (SGCC), a state-owned grid operator.
Previ will sell its roughly 196.28 million shares, representing a stake of 19.28 of CPFL Energia.%.
As we reported in September, SGCC acquired a 23% of the total company's shares from Camargo Correa SA for R$5.85 billion (US$1.79 billion).
CPFL Energia is the largest non state-owned group of electric energy generation and distribution in Brazil and the third biggest Brazilian electric utility company, after Eletrobras and CEMIG. CPFL Energia and its subsidiaries operates in the segments of generation, distribution and commercialization of electric energy and renewable energy.
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