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Eletrobras +9% as government may dilute stake or sell off the company

  • Eletrobras (EBR +8.9%) surges as much as 11% after a Brazilian government official said the utility should be privatized.
  • "Plan A" of Pres. Bolsonaro’s new administration is to capitalize the company in order to dilute the government’s stake so that it is no longer the controlling shareholder, with a sale of the company as a potential second step, according to an official at Brazil's Economy Ministry in charge of privatizations.
  • The government has said it is considering $20B in privatizations this year, including the sale of subsidiaries of state oil giant Petrobras (PBR +3.7%).

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