SAO PAULO--Spanish utility Iberdrola SA (IBDRY, IBE.MC), one of
the controlling shareholders of Brazil's Neoenergia SA (GNAN3B.SM),
hasn't told Previ, the pension fund that shares control of
Neoenergia, whether or not it plans to sell its stake in the
company, the Estado news agency reported Monday.
Previ, a pension fund of workers at state-controlled lender
Banco do Brasil (BBAS3.BR), has a 49% stake in Neoenergia, while
Iberdrola has a 39% stake. Recent news reports have said Iberdrola
was seeking to sell its stake, and Brazilian utilities were being
pressured to buy the stake, as the government of Brazil didn't want
a possible buyer from China taking over an asset that the
government sees as strategic.
But Marco Geovanne, who heads Previ's equity investments, said
Iberdrola hadn't notified Previ of any intent to sell, Estado
reported.
Previ itself will have to sell part of its stake in Neoenergia.
Previc, the government regulator of pension funds, ruled that funds
can't hold a stake larger than 25% in a company, and gave Previ
until 2014 to adapt to the ruling, Estado said.
Write to Paulo Winterstein at
paulo.winterstein@dowjones.com.
