EBR - Brazil audit court may further delay approval of Eletrobras privatization

A final ruling on Eletrobras' (NYSE:EBR) privatization by the TCU federal audit court may be further delayed, Brazilian government officials warned Wednesday, which could derail plans to complete the process before this year's presidential election. According to Reuters, government officials believe a request for more time from judges to study the privatization plan - and one judge is seeking a 60-day delay - would "kill" the process for this year, as the approaching election likely would deter investors, some of whom have explicit restrictions on investments during the election campaign. The calendar for privatization is tight, with the ideal window for the stock offering closing in mid-May, which would require the deal to launch by the end of this month, Reuters reports, citing a banker familiar with the matter. In February, the TCU removed one obstacle to the operation, approving the 25.3B reais in hydropower concession fees that Eletrobras would

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Brazil audit court may further delay approval of Eletrobras privatization