Brazilian state Sao Paulo has announced its decision to suspend the sale of its 40.6% share in power producer Companhia Energetica de Sao Paulo just days before the auction was to have taken place.
The state announced in August its plan to privatize its stake in CESP via an auction that was to have taken place September 28. And though the auction had reportedly already drawn the interest of a number of international bidders, CESP said the Sao Paulo government has put the move on hold pending the evaluation of “eventual adjustments,” according to a federal securities filing.
CESP is the third-largest power generator in Brazil, with a portfolio of hydroelectric plants that includes Ilha Solteira, Sergio Motta, Souza Dias, Tres Irmaos, Paraibuna and Jaguari.
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