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The Energy Company of Brasília – CEB Was Sold in an Auction on December 4 in SP, but Discussions Against Privatization Must Continue.
The President of the Superior Court of Justice, Minister Humberto Martins, suspended last Friday (12/11) a ruling from the Court of Justice of the Federal District that hindered the progress of the privatization process of CEB Distribuição S.A., a subsidiary of the Energy Company of Brasília. Speaking of privatization, Petrobras Announces Progress in the Sale of the Marlim Field, Located in Deep Waters in the Campos Basin
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The decision was made based on the Organic Law of the Federal District, which requires specific legislation for the creation and extinction of a state-owned parent company, which does not apply to its subsidiaries, for which the existence of generic legislative authorization is sufficient — a position already expressed by the Supreme Federal Court.
In the decision, the minister considered that the barrier to the sale process of the company could have financial implications, as the bidding was, in his view, conducted correctly. “Substantial collection of monetary values, which, in the end, will revert to benefit society as a whole, the final recipient of all state activities carried out.”
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The auction of CEB Distribuição’s shares took place on the last day 4 and yielded R$ 2.5 billion, but just hours before, the judge from the Court of Justice of the Federal District and Territories (TJDFT) Fátima Rafael had determined the suspension of the deliberation of the 103rd Extraordianary General Assembly of the Energy Company of Brasília (CEB), which approved the sale of 100% of the subsidiary’s shares without prior authorizing legislation.
More Privatization
Itaúsa Issues Billion-Dollar Debentures to Purchase Liquigás, the Company Announced via Material Fact on Thursday Night (12/10) that Its Board of Directors Approved the 3rd Issuance of Non-Convertible Debentures in the Amount of R$ 1.3 Billion.
Itaúsa is a Brazilian holding company that controls Banco Itaú, Duratex, Alpargatas, NTS, and Itautec, among other ventures. The company is the second largest private group in Brazil.
According to the document, the funds will be used largely for investment in Copagaz Gas Distributor, to enable the acquisition of Liquigás Distributor.
On November 18, the Administrative Council for Economic Defense (Cade) approved, with restrictions, the sale of Liquigás, a subsidiary of Petrobras’s cooking gas distribution, in a deal that involved Copagaz, Itaúsa, Nacional Gás Butano (NGB), and Fogás.
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