China State Grid Said to Near Control of $7 Billion Utility CPFL

Updated on
  • Deal would boost Chinese company’s stake to about 68%
  • State Grid agreed to acquire Camargo Correa’s share in July

State Grid Corp. of China reached a deal to gain control of Brazil’s CPFL Energia SA, after two major shareholders agreed to sell the Chinese company their stakes in the $7.3 billion utility, people with knowledge of the matter said.

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