Iberdrola Energia files for IPO to delist Neoenergia | Companies

the Iberdrola Energia It has submitted to the Securities and Exchange Commission (CVM) an application to register a public offer to acquire (OPA) shares of publicly traded Neoenergia.

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Spain’s Iberdrola will offer R$32.50 per Neoenergia share, updated as of October 31. The stock closed at R$30.10 on Friday (21) and is up 65% for the year.

Iberdrola Energia already owns 80.3% of Neoenergia shares while Iberdrola SA owns 3.5% of the shares. Just over 16.2% of Neoenergia shares are traded.

In October, Iberdrola bought the 30.3% stake held by the Banco do Brasil (Previ) employee pension fund in the company for R$12 billion.

In this process, the company’s registration with CVM will be converted from “A” to “B” and the shares will be delisted from the stock exchange (currently on Novo Mercado).

According to Iberdrola, OPA aims to “simplify Neoenergia’s institutional and organizational structure, thus providing greater flexibility in the financial and operational management of its activities.” The Spanish company also cites the costs of maintaining registration as a Class A public company with CVM and listing its shares in the Novo Mercado segment of B3.

Iberdrola Energia already owns 80.3% of Neoenergia shares while Iberdrola SA owns 3.5% of the shares. Just over 16.2% of Neoenergia shares are outstanding - Image: Neoenergia
Iberdrola Energia already owns 80.3% of Neoenergia shares while Iberdrola SA owns 3.5% of the shares. Just over 16.2% of Neoenergia shares are outstanding – Image: Neoenergia