Cemig prepares to take AES stake in Eletropaulo
Bnamericas Published: Friday, July 04, 2003
Minas Gerais utility Centrais Eletricas de Minas Gerais (Cemig) has been preparing over the past few days to acquire the stake of the US's AES in Sao Paulo power distribution company AES Eletropaulo. Cemig has hired a bank to feel out AES. "It's a question of knowing how much AES wants in order to bow out," said a source close to negotiations. This source added that Cemig is to receive 1.5bn reais (US$526mn) from the Brazilian Development Bank (BNDES) as part of an agreement reached last year with the electricity sector. by Eugenio Melloni
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