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The BNDES Is Still Waiting For January For The TCU Manifestation To Initiate The Privatization Process Of Eletrobras
The National Bank for Economic and Social Development (BNDES) expects the privatization process of Eletrobras to take place in April, according to a statement from the head of the Bank’s Company Structuring Department, Leonardo Mandelblatt, during a public hearing about the company’s privatization.
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The head of the BNDES department stated that he still expects the manifestation of the Federal Court of Accounts (TCU) regarding the privatization to happen in January, in addition to expecting the signing of the agreement with the TCU to take place in March, at which time the public offer for the privatization of Eletrobras will also be launched.
The sale of Eletrobras shares for privatization aims to reduce the Federal Government’s stake in the company’s capital to 45%, considering the shares with voting rights. Currently, the government holds 72.33% ownership. With respect to the total capital, the state participation would decrease from the current 61.77% to 40.84%.
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With a total duration of eight hours and two breaks, the public hearing clarified some of the issues raised by the participants, but most of the questions will need to wait for the Extraordinary General Assembly (AGE) of Eletrobras to be convened, which is expected to happen in February.
According to the authorities and the organizers of the operation present at the hearing, information such as the value of the binational Itaipu hydroelectric plant and Eletronuclear will be made public during the AGE convening. The division of the two companies was the most questioned topic by lawyers, employees, and former employees of Eletrobras, sector agents, and engineers who participated in the session.
The BNDES representative, Mandelblatt, stated that there is still a forecast for a shareholders’ agreement and an investment agreement between Eletrobras and BNBPar, which will involve both companies (Itaipu and Eletronuclear, now part of Eletrobras), whose documents will also be available for the February AGE. The agreements will ensure financial contributions to Angra 3 by Eletrobras, even after privatization, he emphasized.
The tariff that will be used for the Angra 3 plant, a frequently asked topic, “will be one that guarantees a fair remuneration,” was all that Leonardo Mandelblatt from BNDES responded, emphasizing that this information will be included in the AGE convening.
Legal Actions
During the question phase, the possibility of a flood of lawsuits against privatization or queries from regulatory bodies was raised, which was dismissed by the head of the department, who stated that everything is being conducted within governance rules and through assemblies.
“We have no reason to expect queries, neither from CVM (Securities and Exchange Commission) nor from SEC (Securities and Exchange Commission),” Mandelblatt stated.
Itaipu Plant
After 2023, when it will be fully amortized, the binational Itaipu plant will begin to generate billion-dollar revenues, according to one of the participants. As a result, the value of the hydroelectric plant, estimated at R$ 1.2 billion, was also brought into question. The importance of Itaipu to Eletrobras shareholders was downplayed by the partner of Genial brokerage, Ricardo Justo, hired by the BNDES to advise on the privatization.
According to him, the total revenue of Itaipu does not appear in Eletrobras’ balance sheet, which only holds 12% of the invested capital and earns a return from the sale of the plant’s energy.
“The value of Itaipu for Eletrobras is very little; the economic surplus is not captured by either Eletrobras or Ande (on the Paraguayan side); it is captured by the two states on both sides,” he explained, referring to the Brazilian and Paraguayan governments.
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