The Minister of Mines and Energy, Alexandre Silveira (PSD), said on Monday (15.May.2023) that a renationalization of Eletrobras is not on the government’s agenda at this time. According to Silveira, the government decided to increase the proportionality of the Union in the management of the company. Silveira made the statements at the Esfera Brasil event.
“This subject emphasizes that it is not on the agenda. It was the government’s first internal debate. This debate was won when the government decided on the 2nd path, which was to have effective participation. And I disagree that, in addition to the other shareholdings that the government has the intention of becoming the company’s controller again. Especially because there are instruments in the privatization law itself that prevent it from being so“, he said.
The minister argued that the filing of a lawsuit by the government to question the increased stake in Eletrobras is not contradictory. According to Silveira, since the beginning of his campaign in 2022, the president Luiz Inácio Lula da Silva (PT) expressed its position in relation to the privatization process of the company.
“[Lula] won the elections with that speech. From the beginning there was a request from him to study the process that could restore and even renationalize the company. After much debate, the conclusion was reached that at first it was necessary to re-establish the proportional political rights of the Union”.
ACTION IN THE STF
On May 5 of this year, AGU filed a lawsuit with the STF to question the limit of up to 10% of the Union’s voting rights in Eletrobras. Here’s the full of the action (9 MB). The measure was signed by President Lula. The PT’s criticisms of the company’s privatization are old and intensified during the election campaign.
With the privatization, Eletrobras became a “corporation”, with a restriction on the voting power of shareholders to up to 10%. Even with about 40% of the shares, the Union lost control of the company. To get it back, it would be necessary to pay a high price: the model adopted imposes the so-called “poison pill” to shareholders, preventing large increases in shareholding.
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