March 12, 2020 / 12:14 PM / a month ago

Brazil's Eneva acquires 0.5% stake in AES Tiete amid merger talks

SAO PAULO, March 12 (Reuters) - Brazilian energy company Eneva said on Thursday it has acquired a 0.5% stake in AES Tiete to enjoy shareholder benefits and take part in general assemblies while it negotiates a merger with the company.

On March 1, Eneva made a hostile offer to buy out AES Tiete’s shareholders with a mix of 2.75 billion reais ($611 million) in cash and some 3.9 billion reais worth of Eneva shares, equivalent to a 22.6% stake.

Reporting by Gabriela Mello; editing by Jason Neely

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