Brazil's CVM asks China State Grid to raise bid price for CPFL
Brazil's Securities and Exchange Commission (CVM) has stated that the State Grid Corporation of China has to raise its bid price for the acquisition of CPFL Energias Renovaveis. The Brazilian Authority has required at least BRL 14.60 (USD 3.54) per share. The decision made by CVM's Securities Registration Superintendence (SRE) comes after China State Grid had to recalculate the offered price once already. It proposed BRL 13.81 per share in June.
The ruling of CVM states that when calculating the price, China State Grid should take into consideration CPFL's earnings before interest, taxes, depreciation and amortisation (EBITDA) data, including projections, for the period 2016-2020 based on International Financial Reporting Standards (IFRS).
State Grid is the majority owner of both CPFL Energia Renovaveis and its parent company CPFL Energia SA since January 2017.
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