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Brazil's Securities and Exchange Commission (CVM) has decided that the price per share offered by State Grid Corporation of China in CPFL's public tender offer is too low
.
Brazil's stock exchange said the price at which China State Grid bought CPFL was too low
State Grid Brazil Power Participacoes SA, a local subsidiary of State Grid, offered the acquisition
at R$12.
2 per share.
CVM stated that the offer should guarantee non-controlling shareholders a similar pre-transfer interest at a price of at least R$16.
69 per share
.
The CPFL said State Grid would appeal
the decision.
In January 2017, State Grid of China held CPFL Energia Renovaveis and its parent company CPFL Energia SA
for R$17.
36 billion.
，
Brazil's Securities and Exchange Commission (CVM) has decided that the price per share offered by State Grid Corporation of China in CPFL's public tender offer is too low
.
Brazil's stock exchange said the price at which China State Grid bought CPFL was too low
Brazil's stock exchange said the price at which China State Grid bought CPFL was too lowState Grid Brazil Power Participacoes SA, a local subsidiary of State Grid, offered the acquisition
at R$12.
2 per share.
CVM stated that the offer should guarantee non-controlling shareholders a similar pre-transfer interest at a price of at least R$16.
69 per share
.
The CPFL said State Grid would appeal
the decision.
In January 2017, State Grid of China held CPFL Energia Renovaveis and its parent company CPFL Energia SA
for R$17.
36 billion.
，
