December 24, 2018 / 3:48 PM / a year ago

Brazil's Copel says shareholders agreement ended

SAO PAULO, Dec 24 (Reuters) - Brazilian power company Companhia Paranaense de Energia, known as Copel, said on Monday that a shareholders agreement between BNDES Participações SA and state of Paraná ended on Dec. 22 without renewal.

BNDESPar, the holding company of Brazil’s development bank, and Paraná State own 24 percent and 31 percent of Copel, respectively.

In the expiration of the agreement, BNDESPar lost its right to bar capital increases at Copel, as well as its power to block changes in bylaws and in payout ratios, and mergers and acquisitions.

Reporting by Carolina Mandl; Editing by Steve Orlofsky

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