Auction Canceled for Brazil Power Company
Published March 26th, 2008
A multibillion-dollar auction to privatize one of Brazil’s largest electrical power producers was canceled Tuesday after possible buyers suggested they wouldn’t offer the minimum bid, Sao Paulo state Gov. Jose Serra said.
Sao Paulo’s state government set the minimum bid to buy Companhia Energetica de Sao Paulo SA at 6.6 billion reals ($3.8 billion). But interest in the company waned after Brazil’s federal government declined to guarantee the winner would operate two of CESP’s hydroelectric facilities beyond 2015.
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