Brazil power company CPFL eyeing Cemig: CEO [Reuters]
CPFL ENERGIA (CPL)
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Source: Reuters
Brazil power company CPFL eyeing Cemig: CEO - Reuters 2 Min Read SAO PAULO (Reuters) - Brazilian power company CPFL Energia ( CPFE3.SA ) is in an expansion phase that could include the purchase of fellow utility Companhia Energetica de Minas Gerais ( CMIG4.SA ), known as Cemig, CPFL Chief Executive Officer Gustavo Estrella told Reuters on Friday. “Cemig is in the same region as CPFL, so it’s an asset that we would have to look at and evaluate,” Estrella said in an interview. Earlier on Friday, Cemig CEO Cledorvino Belini said its privatization may be approved this year. According to data from Refinitiv Eikon, Cemig, which is controlled by Minas Gerais state, has a market value of about 22 billion reais ($5.5 billion). The strategy for CPFL, which is controlled by State Grid Corporation of China, is to look at a wide range of assets from generation and renewables to distribution and transmission lines, Estrella said, also noting the company’s drive to reduce debt. “The size of CPFL
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