RIO DE JANEIRO/SAO PAULO (Reuters) - Brazil’s BNDES Participacoes [BNDESP.UL], a holding company for Brazilian state bank BNDES, has received a rival offer from AES Corp (AES.N) for its stake in AES Tiete Energia SA (TIET11.SA), according to three sources.
AES Corp has offered to buy 65% of BNDES’ stake in AES Tiete for 17.15 per share, one of the sources added. After this partial sale, BNDES would reduce its stake in the company to 9.9% from 28.41%.
BNDES believes the offer by AES Corp could trump a 7.5 billion reais ($1.43 billion) bid made by Brazilian power company Eneva SA (ENEV3.SA), and will now analyze it, the sources said. BNDES could make its decision this week, the sources said.
AES Corp has offered to pay BNDES in cash, while Eneva’s bid offers AES Tiete shareholders both cash and new shares after both companies merger. BNDES, which aims to sell its stake in AES Tiete, would remain with a 8.3% in the new company.
Newspaper Valor Economico reported earlier on AES Corp’s offer.
Reporting by Rodrigo Viga Gaier, editing by Louise Heavens