EBR - Brazil Congress clears Eletrobras privatization in Final Vote

Brazil's lower house today approved a plan to privatize state-controlled utility Eletrobras (EBR), clearing the way for the government to raise ~60B reais ($11.9B) through a share offering.Brazil's Senate approved a privatization bill last week that changed some parts of the lower house's original bill.The government plans to issue more common shares, diluting its stake at the company to ~45%, while keeping a "golden share" that gives it veto power in some decisions.Shares of Brazil's Petrobras are "a good bargain" even after outperforming most of its peers, Nicholas Exel writes in a bullish analysis posted recently on Seeking Alpha.

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Brazil Congress clears Eletrobras privatization in Final Vote