Sabesp's Privatization Lures $5.3 Billion in Demand From Funds [BNN Bloomberg (Canada)]
Banco Bradesco Sa American Depositary Shares (each representing one Common Share) (BBDO)
US:NYSE Investor Relations:
bradescori.com.br/sitebradescori/default-en.aspx
Company Research
Source: BNN Bloomberg
Money managers are poised to snap up, collectively, a 17% interest in Cia de Saneamento Basico do Estado de Sao Paulo, as the firm is formally known, and have already started submitting bids as they vie for a roughly 8 billion-real stake in the company, said the people, asking not to be named discussing private talks. Brazilian power firm Equatorial Energia SA submitted a 6.9 billion-real proposal last week to buy a 15% stake in the tranche dedicated to strategic bidders, and should emerge as a key shareholder at Sabesp. Sao Paulo's state government is selling a combined 32% stake, and will effectively give up control of the firm once the transaction takes place. Equatorial, which was the sole bidder among strategic investors, offered 67 reais per share — which represents roughly a 14% discount to current levels. Funds can bid at this price or below, but given the huge demand the deal will most likely be done at 67 reais. Sabesp fell less than 1% to 77.85 reais at the close in
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