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Brazil's Eletrobras shares soar after government proposes privatization
August 22, 2017 / 1:42 PM / 3 months ago

Brazil's Eletrobras shares soar after government proposes privatization

SAO PAULO (Reuters) - Shares in Brazil’s Centrais Elétricas Brasileiras SA soared on Tuesday after the government proposed privatizing the power utility, fueling expectations of lower debt and increased efficiency.

Common shares in Eletrobras (ELET3.SA), as the company is known, shot up over 30 percent in early trading, their biggest daily gain since 1999. Preferred shares (ELET6.SA) rose as much as 23 percent before paring gains to 18 percent.

Reporting by Bruno Federowski

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