Spain’s Iberdrola looking to sell some shares in Brazil’s second-largest utility
Spanish power company Iberdrola is aiming to do an initial public offering (IPO) of its Brazilian unit Neoenergia on the Sao Paulo Stock Exchange without losing voting control, reports Los Angeles Times.
Iberdrola owns a 52.45 percent stake in Neoenergia, which is Brazil's second-largest electric utility and Latin America's largest electric utility in terms of customers after the company merged with Elektro.
Neoenergia operates in 16 of Brazil's 27 states and owns electricity generation, transmission, distribution and marketing units.
Source: Los Angeles Times
