September 1, 2017 / 9:02 PM / 10 months ago

Banco do Brasil to sell entire Neoenergia stake in IPO

SAO PAULO, Sept 1 (Reuters) - State-controlled Banco do Brasil SA plans to fully sell a 9 percent stake in Neoenergia SA, the Brazilian power utility that is working on an initial public offering in coming months.

In a Friday securities filing, Banco do Brasil said both management and board members have given the necessary authorization to start procedures for the IPO. Reuters reported on July 14 that the utility’s initial public offering could value the company at around 35 billion reais. (Reporting by Guillermo Parra-Bernal; Editing by Sandra Maler)

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