December 15, 2017 / 9:30 AM / 3 months ago

Banco do Brasil unit keeps Neoenergia stake after failed IPO

SAO PAULO, Dec 15 (Reuters) - BB Banco de Investimento SA, a wholly owned subsidiary of state-run Banco do Brasil, will keep its 9.35 percent ownership of electricity company Neoenergia SA after the utility canceled plans for an initial public offering, the bank said in a securities filing late on Thursday.

Neoenergia, controlled by Spain’s Iberdrola through a 52.4 percent stake, withdrew plans for primary and secondary share offerings, which was announced in August, as pricing fell short of its domestic shareholders’ expectations. (Reporting by Ana Mano; editing by Jason Neely)

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