Sanepar was waiting for partners to enter the privatization of Copasa
Sanepar, a sanitation company in Paraná, even evaluated participation in the privatization of Copasa (Companhia de Saneamento de Minas Gerais), but decided to stay out of the process after failing to structure a partnership to dispute control of the Minas Gerais company.
The information was confirmed this Monday (1st) by the state-owned company in Paraná. In an interview with CNN before the decision, the company's president, Wilson Bley, had stated that a possible entry into the dispute depended on the formation of a group of investors and detailed analyzes of the risks and opportunities of the operation.
According to the executive, Sanepar's participation was being considered cautiously and would only occur alongside strategic partners. "If the partners are interested in getting closer, we have a proven and established technical capacity that can be used and who knows [we can] bring benefits to this privatization", he told the reporter.
The executive also highlighted that recent changes promoted by the Minas Gerais government in the schedule and conditions of the offer required new assessments by potential interested parties.
Privatization faces questions
The statement comes amid discussions about the Copasa privatization model adopted by the government of Minas Gerais.
The process envisages the sale of part of the shares held by the state through a secondary public offering on B3. The reference investor will be able to acquire up to 30% of the company and take control of it, while the Minas Gerais government will maintain veto powers over decisions considered strategic.
Last week, the government set the minimum offering price at R$47.23 per share. Final pricing is scheduled for June 11th, with settlement of the transaction on June 16th.
The model, however, has been the target of criticism. Sindágua-MG (Union of Workers in the Water Purification and Distribution Industries and in Sewage Services of the State of Minas Gerais) states that the proposals presented so far could represent a gap of approximately R$3.1 billion in relation to the value that the company could achieve, considering market projections for the shares.
In addition, experts have raised doubts about the structure of the operation, especially after the postponement of stages of the process and the reduction in the number of potential interested parties. The government's initial expectation was to attract a larger group of participants to increase competition and potentially increase the amount raised in privatization.
To date, only Aegea Saneamento and Equatorial Energia have presented a proposal. Sabesp, which was identified by the market as a possible interested party, decided not to participate in the process. The eventual entry of Sanepar, even through a consortium, could increase competition in the final stretch of the operation.
Source: CNN