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Eletrobras privatization enters the final stretch
The TCU endorsed the Eletrobras privatization process by 7 votes to 1 in a judgment this Wednesday (19). The approval trend had been anticipated by the Sheet.
Divergence: Minister Vital do Rêgo, who had voted against in the first trial in the court of accounts, repeated his position. He presented a list of what he considered irregularities, but was voted out of favor.
What will privatization look like? with new issuances of shares in Brazil and the USA, reducing the Union’s share in the company from 70% to 45%. The government will be entitled to a golden share, which gives the right to veto.
- Eletronuclear, owner of Angra 1 and Angra 2, and Itaipu will leave Eletrobras and will be transferred to a new state-owned company, ENBPar.
And now? The process enters the capital market phase once and for all. The next step is to register the transaction with the CVM and the SEC (American CVM).
- Meanwhile, the “road show” will be made, presentations to the big funds. The idea is to attract them as anchor investors, who serve to give credibility to the operation.
- According to people interviewed by Sheetamong the large interested investors would be the 3G fund, owned by Lemann, Sicupira and Telles, and the holding company Itaúsa, which controls Itaú and other companies.
- Before the final stage, which is the offer on the Stock Exchange, there will still be the pricing of new shares to be issued, something that will be decisive for the participation of large investors.
Against the clock: time is treated as fundamental by those involved. The legal deadline for the end of the process in this window is mid-August, but the government and the company want to make the offer between June and the beginning of July, before the election campaign heats up.
In numbers: the government will receive BRL 67 billion in the privatization process of the largest energy company in Latin America, leader in the segments of generation and transmission of electric energy in the country.
- Of this value, BRL 25 billions will be deposited on demand in the Treasury account as the grant amount.
Opinion | Vinicius Torres Freire: Eletrobras’ bad soap opera smothers a new disaster in the electricity bill.
SpaceX is worth $125 billion
SpaceX, owned by billionaire Elon Musk, has promoted an operation that should make it the most valuable startup in the US. The information was published by Reuters based on sources familiar with the matter.
In numbers: SpaceX was rated at $125 billion (R$ 620 billion) in an operation made from the sale of shares of investors who have a stake in the company.
- That market cap should see Musk’s space startup overtake stripe fintech, last priced in $115 billion (R$ 570 billion).
The company: in addition to being one of the protagonists in the race between companies to take tourists to space, SpaceX also offers broadband internet via low-altitude satellites.
Fight days Glory days
After a day of relief in global markets, this Wednesday was marked by bloodletting on the stock markets. The S&P 500, the main US index, plummeted 4.04%the lowest since June 2020.
This rise and fall is not unprecedented and should mark the process of rising interest rates that is starting in the US.
In numbers: Nasdaq, which brings together technology companies, fell 4.73%, while the Dow Jones fell 3.57%. Here, the Ibovespa retreated 2.34%at 106,247 points, and the dollar rose 0.87%, the BRL 4.98.
What explains: persistent inflation and fears of a recession in the face of the monetary tightening necessary to cool prices continue to affect markets.
- In the US, the prediction by major retailers that rising costs will hurt results helped to sour the business.
- Investors are also looking closely at whether China will ease restrictions imposed by the “zero Covid” policy after the drop in cases. The lockdowns already generate revisions in the country’s growth projections.
cash is king: in a sign of how the “money owners” are afraid to take risks on the stock exchanges, the treasuries of international funds have the highest cash value since the terrorist attacks of September 11, 2001.
More about the Scholarship:
CVM goes back: the market sheriff retreated from his January decision on the distribution of income from real estate funds, which generated relief for investors in this segment.
- The autarchy’s measure put at risk the exemption from IR (Income Tax) on part of the income distributed by these assets. Understand the roll here.
Billionaire Business: BR Properties announced this Wednesday that it has agreed to sell buildings and stakes in real estate projects to the Canadian group Brookfield for BRL 5.92 billion.
Cold but no frost
Producers from São Paulo woke up this Wednesday with a cold, but relieved. The frost that could harm the crops did not come – or came very weakly – and this also prevents further pressure on food prices.
Understand: the occurrences of frost that hit the field in full last year have an immediate impact on vegetables, fruits in the sprouting period and also affect the coffee harvest in a longer term.
Impact on the supermarket: with less supply, food prices tend to increase and put further pressure on inflation.
More on the frozen economy:
I have over 8 years of experience in the news industry. I have worked for various news websites and have also written for a few news agencies. I mostly cover healthcare news, but I am also interested in other topics such as politics, business, and entertainment. In my free time, I enjoy writing fiction and spending time with my family and friends.
