By Jeffrey T. Lewis
SÃO PAULO–Centrais Elétricas Brasileiras sold its entire stake of 15.3 million shares in Companhia Paranaense de Energia – COPEL for the equivalent of about $25 million.
The Brazilian power company known as Eletrobras said Monday evening that the sale, for 125.3 million reais, is part of its plan to reduce the number of minority, non-strategic stakes it owns in other power companies. The effort will also simplify its investment portfolio, Eletrobras said.
Following the sale of the COPEL stake, Eletrobras said it has cut the number of minority stakes the electric utility owns to 19.
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