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The Federal Government's AGU has already produced the unconstitutionality action and should deliver it to the STF in the coming days. The objective is to contest the privatization project of Eletrobras, initiated in the Bolsonaro Government.
For this Friday (05/05), the Attorney General's Office (AGU) and the Federal Government are already preparing to file an unconstitutionality action in the Federal Supreme Court (STF) against the privatization project of Eletrobras. Started on Bolsonaro government, the project has been causing discussions throughout the country. Now, the Lula government seeks to regain the Union's majority share in the national energy company.
Action by the Federal Government against the privatization project of Eletrobras in the Bolsonaro Government should reach the STF in the coming days
The Federal Government is determined to regain control of Eletrobras and already has a lawsuit ready to contest the company's privatization model in the Federal Supreme Court (STF).
The Attorney General's Office (AGU) is spearheading the initiative to return control over the company to the Union, even without holding the majority of common shares with voting rights.
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The operation that transferred control of Eletrobras to the private sector was completed in June 2022, when the company's capital was increased, but only the market participated.
The Federal Government, through the Union, BNDES and BNDESPar, reduced its share from 62% to just over 40%, and no other shareholder comes close to that share.
Government sources directly involved with the matter claim that the unconstitutionality action will be filed with the STF in the coming days.
The objective is to regain control over Eletrobras, one of the largest companies in the Brazilian electricity sector, which is strategic for the country.
The action promises to be an important milestone in the dispute for Eletrobras and should generate a lot of repercussions.
It will be essential to follow the unfolding of this initiative by the Brazilian government in the coming days and see how the private sector will react to this attempt to regain control of the company by the State.
Privatization model proposed by the Federal Government is the Federal Government's main criticism of the project
The privatization model of Eletrobras, approved during the government of former President Jair Bolsonaro, predicted that the company would act as a “corporation”.
This means that the voting rights of all shareholders or blocks of shareholders would be limited to 10%, both in voting and in nominating members of the board of directors.
This restriction was in the law of the Eletrobras privatization project and in the capitalization rules, with the objective of preventing large investors, national or foreign, from taking control of the company.
However, the current Federal Government plans to change this clause and regain control of the company through the action of the AGU to the STF.
The idea is to impose the concept of proportionality in the company's decisions, allowing the Union, even with a smaller stake, to regain control of Eletrobras, one of the largest companies in the electricity sector in the country.
By regaining control of Eletrobras, the Brazilian government would have more power to define the company's strategy and make important decisions for the country's electricity sector.
About Eletrobras
Eletrobras is a publicly traded, mixed-capital company, controlled by the Brazilian government, which operates in the electricity sector. Founded in 1962, it is responsible for a large part of the generation, transmission and distribution of electricity in the country, being one of the largest companies in the sector in the world.
The future of Eletrobras and the Brazilian electricity sector is a topic of great importance for the country's economy, affecting national industrial development. Now, the Federal Government will go to the STF to reverse the damage caused by the company's privatization project.
