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According to the latest news, China's State Grid Corporation has increased its earnings per share of R$12.
20 from Brazil's CPFL minority bid to R$13.
81 ($3.
67).
Brazil's Securities and Exchange Commission (CVM) previously required Chinese companies to recalculate the price of the mandatory tender offer using a different methodology, taking into account projections of earnings before interest, taxes, depreciation and amortization (EBITDA) rather than previous profits
.
CPFL Energia Renovaveis operates wind, solar, small hydroelectric and biomass power plants
.
According to information on its website, the company operates 93 facilities with a total capacity of more than 2.
1GW.
In January 2017, the State Grid Corporation of China took a controlling stake in CPFL Energia Renovaveis and its parent company, CPFL Energia SA (BVMF:CPFE3),
for R$17.
36 billion (approximately US$4.
9 billion).
Under Brazilian securities law, a minority tender offer by CPFL Renovaveis is
mandatory.
In October 2017, some minority shareholders of CPFL Renovaveis filed a complaint with CVM, questioning the price
at which State Grid Corporation would buy it.
They believe that State Grid's takeover offer to minority shareholders of the parent company has a higher
yield.
The price previously offered by the Chinese company was R$12.
20 per CPFL Renovaveis share
.
A previous decision by the regulator's technical department set a minimum price of R$16.
60 per share, although the CVM board agreed that the regulator should not set a minimum price
.
According to the latest news, China's State Grid Corporation has increased its earnings per share of R$12.
20 from Brazil's CPFL minority bid to R$13.
81 ($3.
67).
Brazil's Securities and Exchange Commission (CVM) previously required Chinese companies to recalculate the price of the mandatory tender offer using a different methodology, taking into account projections of earnings before interest, taxes, depreciation and amortization (EBITDA) rather than previous profits
.
CPFL Energia Renovaveis operates wind, solar, small hydroelectric and biomass power plants
.
According to information on its website, the company operates 93 facilities with a total capacity of more than 2.
1GW.
In January 2017, the State Grid Corporation of China took a controlling stake in CPFL Energia Renovaveis and its parent company, CPFL Energia SA (BVMF:CPFE3),
for R$17.
36 billion (approximately US$4.
9 billion).
Under Brazilian securities law, a minority tender offer by CPFL Renovaveis is
mandatory.
In October 2017, some minority shareholders of CPFL Renovaveis filed a complaint with CVM, questioning the price
at which State Grid Corporation would buy it.
They believe that State Grid's takeover offer to minority shareholders of the parent company has a higher
yield.
The price previously offered by the Chinese company was R$12.
20 per CPFL Renovaveis share
.
A previous decision by the regulator's technical department set a minimum price of R$16.
60 per share, although the CVM board agreed that the regulator should not set a minimum price
.
