Eletrobras sets price of R$ 42 per share in privatization offer, says agency

Eletrobras set the price at R$42 in an offer that resulted in the company’s privatization, two sources with knowledge of the transaction told Reuters on Thursday (9). The schedule released by the company indicated the fixing of the price per share of the offer this Thursday, but official data has not yet been released.

It was allowed to reserve up to 50% of the FGTS balance to invest in the FMP (Mutual Privatization Fund), with a minimum amount starting from R$ 200.

The amount that had been reserved in the offer for FGTS resources (Fundo de Garantia do Tempo de Serviço) was R$ 6 billion. The BRL 6 billion limit also includes workers who migrated their FGTS from Petrobras and Vale shares.

If the demand exceeds this amount, there will be a proportional apportionment of the shares among the investors, considering the reserve request of each one of them. With the apportionment, the amounts deposited in excess will be returned to the FGTS without any remuneration.

In the final stretch to reserve Eletrobras shares using the FGTS, which ended at 12 noon this Wednesday (8), banks and brokerages showed instability in the morning, making the operation difficult for customers who left to make the reservation close to the deadline. There were also reports of difficulties in completing the reservation on Tuesday (7), the day before the deadline.

For those who invested the FGTS, the shares can only be sold after 12 months. But if the worker fits into one of the situations in which the legislation allows the withdrawal of the Guarantee Fund, he will be able to sell the papers before. This is the case, for example, of those who need the money to buy their own home, the worker who is fired without just cause or retires and whoever has three years without deposits in the FGTS (see here the 16 situations).

If he is dismissed without just cause, he will still have a fine of 40% calculated on the entire balance of the company’s account in the fund, also adding up what he invested in Eletrobras.

Investors who made the reservation without the FGTS money do not have a minimum period of permanence, that is, they can sell the shares at any time.

This Thursday, the negotiation of the ADRS (American Depositary Receipts) of Eletrobras began on the New York Stock Exchange, in the United States, issued within the scope of the privatization process, according to the energy company’s calendar.

The schedule released by Eletrobras also points out that the period for exercising the over-allotment stock option is scheduled to start on Friday (10th), ending on July 11th.

Next Monday (13) the negotiations of Eletrobras shares on B3, the Stock Exchange, will begin.

With the Eletrobras privatization process and the efficiency gains that may come with the electric energy company no longer being under the control of the State, market analysts estimate that the shares on the stock exchange may appreciate up to 85% in the coming months. .

Even with the strong rise of around 30% of Eletrobras shares in the year, a good part precisely due to the expectation of privatization, analysts understand that there is still room for the appreciation to continue with strength.

In the early 2000s, workers were also able to use the FGTS to invest in Petrobras and Vale shares.

Petrobras’ offer, in August 2000, moved around R$ 7.3 billion. Of this total, around 312 thousand FGTS shareholders bought approximately 25.6%, in the amount of R$ 1.6 billion (the government’s initial forecast was R$ 3.1 billion at the time).

In the case of Vale, the mining company’s offer in March 2002 reached a volume of R$ 4.5 billion. In this case, the proposals for the use of the FGTS reached R$ 3.4 billion, exceeding the R$ 1 billion limit established by the government by more than three times. The intense demand forced an apportionment between the interested parties, who were left with 29% of the reservations made. In all, 728,000 workers used funds from the fund to purchase Vale’s shares.