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SÃO PAULO – The state government of Sao Paulo released this Saturday the announcement of privatization of Cesp, which set the price at R $ 14.30 per share, underneath R $ 16.80 of the attempt that failed in 2017. The event was scheduled for October 2, the eve of the elections. With this new price, the energy company of São Paulo is valued at about 4.7 billion reais.
The participation of the Government of São Paulo in the company is valued at about 1.7 billion reais. It is expected that with the lowest price and the most attractive conditions, the event will attract several interested parties, and that the competition will result in the payment of goodwill by the buyer.
In addition to the price adjustment, the announcement brings further improvements. confirmation that the Porto Primavera hydroelectric plant, Cesp's main badet, will dispose of a new concession contract, due in 2048. Currently, the plant concession will expire in 2028.
To obtain the extension of the concession, Cesp will have to pay at least 1 billion reais for the granting of the plant. This amount will be added to the price per share
In the case of goodwill from the auction, the same percentage applied will be paid to the grant. For example, if the winner makes an offer of R $ 15.73 per share, a bonus of 10%, the same percentage will be applied to the grant, which will increase to R $ 1.1 billion.
Another change in the offer to attract more investors is the withdrawal of potential gains that the state of São Paulo would have with the controversial claims relied on by the company at the company. 39 Union because of investments unamortized in concessions due and surrendered to the government. Cesp estimates that this damage amounts to about 10 billion reais.
In the previous opinion, the potential gains from these allowances were almost entirely with the São Paulo government, with no incentive for new buyers.
The new notice corrected this problem by not providing for future gains for the São Paulo government, which indicates that the business will be sold with the "closed door".
There was a long delay between the publication of the announcement and the privatization auction so that investors would have enough time to evaluate the company and take the necessary steps. The deadline for requesting the clarifications provided for in the call for proposals ends on 20 September and replies should be available on 25 September.
The last deadline for challenging bid documents by bidders – entities of the State of São Paulo – ends on September 28th.
Price proposals, warranties and qualifications will be issued at B3 Headquarters on October 2nd from 9am to 10am. The public auction is scheduled for 14:00, also on B3.
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