Latest news with #Eletrobras
Reuters
6 days ago
- Business
- Reuters
Brazil utility Eletrobras taps BTG to sell Eletronuclear stake
SAO PAULO, May 28 (Reuters) - Brazilian electric company Eletrobras has tapped investment bank BTG Pactual ( opens new tab to advise on the sale of its remaining stake in state-run nuclear power generator Eletronuclear, said three sources familiar with the deal. Following its privatization in 2022, Eletrobras ceased to be the controlling owner of Eletronuclear but remained a minority partner with 36% of voting shares and 68% of the total capital. Eletrobras and BTG declined to comment. The proposed sale is part of a broader agreement last month, boosting the government's representation on the Eletrobras board and allowing the utility to reduce its exposure to nuclear businesses. Eletronuclear operates Brazil's two nuclear power plants, in Angra dos Reis in the state of Rio de Janeiro, with a total capacity of 1,990 megawatts. It is also responsible for the Angra 3 project, a new unit with 1,405 MW, which has stalled due to difficulties in getting government approval for its completion. Eletronuclear has faced economic and financial challenges, as revenue from its plants has been insufficient to cover its high expenses. The national nuclear chain also suffers from the lack of long-term planning, specialists have said. Nuclear energy is enjoying global growth as a cleaner alternative to fossil fuels and a more reliable energy source than wind and solar power. Several markets, including the U.S. and Europe, are seeking to revive or launch nuclear projects to meet surging energy demand by artificial intelligence data centers.
Reuters
26-05-2025
- Business
- Reuters
Petrobras wants more power to appoint Braskem board members and directors, sources say
RIO DE JANEIRO, May 26 (Reuters) - Brazil's Petrobras ( opens new tab wants to review Braskem's ( opens new tab shareholders agreement for possible changes to allow it more say in the petrochemical firm's decisions, three sources close to the matter at the state-run oil firm told Reuters. Petrobras has a 47% voting stake in the petrochemical company but has appointed four of 11 board members and one director out of seven, numbers it considers small, according to the sources. Last week, Braskem's majority stakeholder Novonor received a non-binding proposal from a fund owned by businessman Nelson Tanure to acquire control of the largest petrochemical company in Latin America. Novonor has been trying to sell its stake in Braskem for years, but has repeatedly failed to reach a deal. Petrobras' objective would be to obtain a new agreement akin to the one it got in Eletrobras, where it increased the number of seats it appoints to the board of the former state-run firm, expanding its influence. In the event of a sale, Petrobras has preference rights to buy Novonor's stake, but the sources said Petrobras has no interest in increasing its voting share. Petrobras wants instead to have a more active voice in the management and operations of the petrochemical company, regardless of who is the controlling partner, said the sources. On Monday, Petrobras CEO Magda Chambriard said Tanure's proposal is a move in the right direction. "Whatever solution that works out will have Petrobras' support," said Chambriard. Braskem and Petrobras did not immediately respond to requests for comment.
Reuters
14-05-2025
- Business
- Reuters
Brazil power firm Eletrobras posts $62.8 million loss in first quarter
SAO PAULO, May 14 (Reuters) - Brazilian power firm Eletrobras , Latin America's largest utility by generating capacity, posted on Wednesday a 354 million reais ($62.8 million) net loss for the first quarter, compared to a 331 million-real profit a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), adapted for local regulatory rules, came in at 5.38 billion reais in the three-month period to the end of March, down 4.1% from a year earlier. ($1 = 5.6406 reais)
Reuters
29-04-2025
- Business
- Reuters
Eletrobras shareholders approve deal to end dispute with Brazil government
SAO PAULO, April 29 (Reuters) - Shareholders of Brazilian power firm Eletrobras ( opens new tab on Tuesday approved a proposal to end a legal dispute over the government's voting power in the company. The agreement allows the government to nominate three of Eletrobras' 10 board members. The new board is set to be elected by the shareholders later in the day.
Reuters
28-04-2025
- Business
- Reuters
Eletrobras has the votes for shareholders approval on deal with Brazil, filing shows
SAO PAULO, April 28 (Reuters) - Brazilian power company Eletrobras has enough votes to approve a proposed agreement with the country's government regarding voting power in a shareholders meeting set for Tuesday, a filing with the votes cast remotely showed on Monday. The two parties reached an agreement earlier this year after more than a year of discussions as the Brazilian government pushed to regain influence in Eletrobras more equivalent to its stake in the firm, which was privatized in 2022. The votes cast remotely can still be changed.
