Shareholders exercising right to offset a swap offer to buy Renova’s assets | Corporate News


company said Renova Energy Brazilian Renewable Energy, which is subject to bankruptcy protection, said the shareholders of the hydroelectric unit Brasil BCH decided to exercise the right of first refusal and to formulate the offer Mubadala Investment to buy a controlling stake in that unit.

According to a stock exchange notice late on Thursday, Energetica Waltroriver agreed to pay 1.1 billion Brazilian reais ($209.93 million) for Renova’s 51 percent stake in the unit that owns small hydroelectric dams, the same number as in Mubadala’s winning investment offer in a previous bid.

“The right of first refusal includes the rules, procedures, rights and duties of the signatories to the BCH Brazil Shareholders Agreement,” said Renova Energia, whose largest shareholder is state-owned electricity company Simeg.


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