December 20, 2019 / 2:21 PM / a month ago

Head of Brazil's Senate says proposed Eletrobras privatization cannot pass

BRASILIA, Dec 20 (Reuters) - The Brazilian government’s proposal to give up control of power company Centrais Eletricas Brasileiras SA via capital increase cannot pass the Senate in its current form, the head of the upper house told reporters on Friday.

Senate President Davi Alcolumbre said the bill is opposed by 48 of 81 senators, with particular resistance from lawmakers representing northern and northeastern Brazil. He said the government needs to come up with a new privatization model for the company, known as Eletrobras, to win legislative approval. (Reporting by Maria Carolina Marcello Editing by Chizu Nomiyama)

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