By 
The Board of Directors of BME – Bolsa y Mercados Españoles Sistemas de Negación S.A. approved the request to remove Eletrobras (ELET3) shares from the Latin American Values Market (Latibex) last Tuesday (4).
The Brazilian company’s activities were no longer discussed in this market on Thursday (6), as the delisting process started in January.
Eletrobras’s activities are still being discussed at B3 S.A. in Brazil and the NYSE, as stated by the company in an official announcement.
Eletrobras (ELET3) and the Union have agreed to modifications in the Council.
Eletrobras (ELET3) and the federal government have reached an agreement to resolve the legal dispute in the Supreme Court (STF) regarding the restriction of the Union’s voting rights in the company after over a year of intense negotiations.
The agreement establishes key definitions regarding the management of Eletrobras and the fate of the Angra 3 nuclear power plant.
The government raised concerns about its limited voting power of 10% in Eletrobras following its privatization in 2022, despite still holding a substantial 43% share in the company.
The fresh comprehension allows the federal government to reclaim some control over the company’s management, without overturning the privatization process guidelines.
The agreement allows the Union to appoint three out of the ten members of Eletrobras’ Board of Directors and one out of the five members of the Board of Governors.
Before privatization, the government used to have reserved seats in these organizations, but this changed when the company was restructured.
The government, in exchange, agreed not to challenge the clause that restricts any shareholder or group of shareholders from having voting rights exceeding 10% of the company’s voting capital.
Eletrobras decreases financial obligations for Angra 3.
The future of the Angra 3 nuclear power plant project is a key focus of the negotiation.
The agreement specifies that Eletrobras will no longer be required to invest substantial funds in building the plant, but will still uphold financial guarantees of R$6.1 billion for project financing from BNDES and the Federal Economic Box.
The BNDES will take on the task of creating a new feasibility model for the plant, considering aspects like economic balance, financing terms, and reasonable consumer rates.
This research will undergo a new conciliation process at the Supreme Court (STF).
Comments