Overview
- Iberdrola filed a public takeover bid on November 25 to acquire the outstanding Neoenergia shares at 32.5 reais per share, with the amount updated by the SELIC rate.
- The company already holds 83.8% of Neoenergia after buying a large block from pension fund PREVI in October at the same per-share price.
- Iberdrola estimates a cash outlay of about €1.03 billion before SELIC adjustments and assuming Neoenergia pays no interim dividends.
- The group says full ownership would simplify corporate governance, increase operational and financing flexibility, reduce market-listing costs, and enable a planned delisting.
- Neoenergia supplies nearly 40 million people across multiple Brazilian states, operates more than 725,000 km of distribution lines and 8,000 km of transmission lines, and has about 3,800 MW of renewables, with grids representing roughly 90% of its business.