May 4, 2020 / 7:54 PM / a month ago

Brazilian power firm Cemig plans voluntary buyouts -document

SAO PAULO, May 4 (Reuters) - The executive board of Brazilian power firm Cemig has approved a voluntary buyout program for up to 1,000 employees, according to an internal document seen by Reuters on Monday.

The buyouts are set to be effective starting in June, according to the document.

Cia Energetica de Minas Gerais SA, as the firm is formally known, did not respond to a request for comment, and the total cost savings of the measure were not clear.

The Brazilian state of Minas Gerais is Cemig’s majority shareholder.

Reporting by Luciano Costa; Writing by Gram Slattery; Editing by Sonya Hepinstall

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