February 21, 2018 / 3:40 PM / 2 years ago

RPT-Brazil regulator rejects share price for CPFL Energia Renovaveis buyout

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RIO DE JANEIRO, Feb 21 (Reuters) - Brazil’s securities regulator has rejected the proposed price of 12.2 reais per share for a buyout offer to minority shareholders to delist CPFL Energia Renovaveis, a securities filing showed.

Regulator CVM said equal treatment for the minority shareholder would mean a share price at least equal to 16.69 reais per share.

CPFL Energia Renováveis ​​said that China’s State Grid , which took a majority stake in the company earlier this year, would appeal the ruling.

State Grid paid 14.2 billion reais ($4.36 billion) to buy the CPFL stake from construction company Camargo Correa, which was raising funds amid a financial crisis triggered by an investigation into suspected corruption.

$1 = 3.2554 reais Reporting by Raquel Stenzel; editing by Jason Neely

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