The General Superintendence of the Administrative Council for Economic Defense (Cade) approved without restrictions the acquisition by Alumina do Norte do Brasil (Alunorte) of a shareholding in Mendubim Geração de Energia SA The transaction will take place through the exercise of a stock option currently held by Mendubim Holding, representing 10% of the total and voting capital of Mendubim.
The order for approval is published in the Official Diary of the Union this Tuesday (10).
Alunorte operates an alumina refinery in the State of Pará and most of its production is supplied to its shareholders. The company is exclusively controlled by the Hydro Group, which owns more than 90% of its shares. The Hydro Group holds, according to Cade’s opinion, a 33.3% stake in Mendubim Holding, through Hydro REIN.
“As a justification for carrying out the Operation, the Applicants explain that it presents an opportunity for further decarbonization of Alunorte, being in line with the Hydro Group’s objective of reducing CO2 by 30% by 2030”, says Cade’s opinion.
The operation also requires approval from the National Electric Energy Agency (Aneel).
Source: CNN Brasil
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