Eletrobras (EBR) shares were up almost 3% in recent Friday trading after the company said it reached a deal in a mediation process with Brazil's government.
The agreement maintains a 10% voting cap on shareholders and would give, among other things, the government the right to appoint three of the 10 members of the company's board, and one of the up to five members of the fiscal council, the company said in a securities filing.
Eletrobras said it would present the deal to its shareholders and to Brazil's Federal Supreme Court for approval. Once signed, the company said its investment agreement involving the Angra 3 nuclear power plant will be suspended.
The company said it would make no more contributions for the completion of the power plant as a shareholder of Eletronuclear and that the federal government will make efforts to support the divestment of Eletrobras's stake in Eletronuclear should it choose to take that route.
Eletrobras also said it would subscribe 2.4 billion Brazilian reais ($408.3 million) in debt issued by Eletronuclear to extend the life of the Angra 1 power plant.
Price: 6.58, Change: +0.18, Percent Change: +2.81
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