It was approved on November 24th – three days after the state of Parana reveal plans to divest control of Copel - Or bill 493 / 2022, which proposes transforming it into a company with dispersed capital without controlling shareholder.
The Plenary approved the issue in a second vote by 35 votes in favor and 13 against. Subsequently, a third vote was held on the final wording of the text, with 38 votes in favor and 13 against.
The privatization process foresees a different privatization model than the “classic”, and will be very similar to the privatization of Eletrobrás, which included the company's capitalization.
According to the model, the privatization will involve a secondary offering of common shares and units, given that the state of Paraná intends to maintain a total participation equal to or greater than 15%, with at least 10% of the shares entitled to vote. . Currently, Paraná has 69,7% of the common shares with voting rights and 31% of the total shares.
All Plenary amendments were rejected, and the proposal now goes to sanction by governor Ratinho Junior. After that, the project will be submitted to the State Audit Court (TCE) of Paraná.
According to Daniel Passinato, partner at Passinato & Graebin – Sociedade de Advogados and professor of Law for Startups, M&A and Arbitration at FAE Business School, from what the scenario indicates, the winds are favorable.
“This is because the shares of Companhia Paranaense de Energia Elétrica rose by more than 20%, after Copel announced that it had received a letter from the Government about its intentions to privatize the Company,” he said.
About Copel
Founded in 1954, Copel is a publicly traded company, with shareholding control in Paraná, which opened its capital to the stock market in 1994 (BM&FBovespa) and became, in 1997, the first in the Brazilian electricity sector listed on the stock exchange. New York Stock Exchange. Today, the company manages more than 200 thousand km of distribution networks and serves almost the entire state.
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