The Union Court of Auditors approved the privatization process of Eletrobras by seven votes to one in the judgment this Wednesday (18). The decision gives the government free rein to relinquish control of Latin America's largest energy company.
The result of the trial is a victory for Minister Paulo Guedes (Economy), who now has the way to carry out the privatization of an entire company before the end of the mandate of Jair Bolsonaro (PL). The challenge now is to carry out the operation even with adverse market conditions.
A group gathered at the entrance of the TCU's headquarters in Brasília to protest the sale.
Now, the government is racing against the clock to carry out the operation. The next step is to register the transaction with the CVM (Securities and Exchange Commission, the authority responsible for overseeing the market) and with the SEC (Securities and Exchange Commission, the American CVM). In recent weeks, members of the government and the company have stated that it is possible to carry out the operation between June and the beginning of July.
Translated by Kiratiana Freelon