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SAO PAULO, May 21 (Reuters) - Brazilian utility CPFL Energia SA said on Tuesday it had offered to buy parent company China’s State Grid’s stake in its renewables arm CPFL Renovaveis <CPRE3.SA>.
In a statement, CPFL Energia said the price of the offer would be negotiated but noted State Grid has already said it would sell at 16.85 reais per share.
State Grid has been in a dispute with the renewable energy unit’s shareholders since last year. Minority shareholders refused a tender offer by State Grid and Brazil’s securities regulator CVM set the price last year for CPFL Renovaveis at 16.40 reais per share.
Reporting by Luciano Costa Writing by Jamie McGeever Editing by Bernadette Baum