Bento Albuquerque asks TCU ministers to approve Eletrobras capitalization

On the eve of the trial of the Eletrobras capitalization process, the Minister of Mines and Energy, Bento Albuquerque sent a message to the ministers of the Federal Audit Court (TCU) appealing for the court to guarantee that the operation of sale of Union shares occur until the month of May.

The information has been confirmed to CNN by sources close to the authorities. In the message sent by cell phone, Albuquerque insists on reinforcing his recognition of the independence and autonomy of the TCU, but he does not hide his concern about the risks of capitalization of the state-owned energy company not taking place this year.

The minister clearly says that he expects the process to be completed by next week, April 27, assuming that Vital do Rêgo’s request for visas, confirmed by him to CNNbe limited to 7 days and not last 60 days as the minister of the court wants.

With “great respect and humility”, Albuquerque justifies his appeal fearing that the TCU’s decision will cause “relevant” impacts on the entire capitalization process. The minister makes himself available to collaborate in the construction of alternatives for any impasse pointed out by the court.

The divergences collide at two points, basically. For the government, if the window of opportunity to complete the capitalization by May is missed, the operation is compromised and may not even occur. Many in the TCU consider that this is not the case, and that the role of the court is to guarantee the correct collection of the Union.

The sources heard by the column believe that the investor’s interest will not go away if he has to wait a few more months.

There is a concern with the liturgy and rituals of the Court of Auditors. Pressuring a minister to relinquish his prerogative, such as asking for 60-day visas, can cause further embarrassment. The best alternative, according to CNN, should be to reduce the period to 20 days, which would guarantee that the capitalization would take place between June and the end of July, at the most.

For members of the government, Eletrobras is today a “unicorn with a golden horn”, and they are pressing to prevent the TCU decision from throwing away the possibility of capitalizing the company with good revenue and attracting investors.

Market analysts agree with the government on the deadline. If it stays for the second half of the year, the increase in interest rates around the world and the October elections could reduce investors’ appetite, even if there is a lot of interest in participating in the operation.