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Brazilian electric utility Companhia Paranaense de Energia (NYSE:ELP), or Copel, +1.9% in Tuesday’s trading after disclosing plans to launch a public share offering on July 25 or 26 totaling as much as 5B reais (~$1B) to take the company private; the stock resumes trading after a brief halt.
Copel (ELP) said the offering will amount to 4.3B-5B reais based on Monday’s closing price, and it considers the sale of part of Parana state’s stake in the firm as well as the sale of new shares.
The company said the deal is still subject to market conditions and is pending the definition of some conditions by authorities, such as the offering’s minimum price established by Parana State audit court.
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