Eletrobras Jumps With $12 Billion Privatization Nearly Approved
- Bill allowing sale of power utility passed by tight margin
- Vote was a test of government ability to push for reforms
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Power utility Eletrobras jumped after Brazil’s senate passed a proposal to privatize the company, as the government’s plan to shrink the size of the state plows ahead.
Senators approved by 42-37 votes a bill that allows the government to raise an estimated 60 billion reais ($11.9 billion) through an offering of shares of the company. The original text was changed a few times to accommodate lawmaker demands and will return to the lower house for a second vote.