By Brazil Stock Guide – Iberdrola SA increased its control over Neoenergia SA (NEOE3) following the auction of a public tender offer, pushing its ownership close to 98% and setting the stage for the Brazilian utility’s exit from B3’s Novo Mercado segment.
The Spanish energy group acquired 172.5 million common shares, representing 14.21% of Neoenergia’s capital, at 33.77 reais per share. The transaction totaled approximately 5.8 billion reais.
Once financial settlement is completed on Thursday (24), Iberdrola will hold more than 1.18 billion shares, consolidating a stake of roughly 98%. That leaves about 2% of the company’s shares still trading in the market.
The outcome meets the regulatory thresholds required for delisting from Novo Mercado and for converting Neoenergia’s registration as a publicly held company. The firm is expected to proceed with the necessary corporate and regulatory steps to finalize the transition.
With less than 5% of shares remaining in free float, Iberdrola is also expected to call an extraordinary shareholders’ meeting to approve a mandatory squeeze-out of minority investors, as allowed under Brazilian corporate law.
Shareholders who did not participate in the auction will have a subsequent window of up to 30 days, until Monday (May 11), to sell their shares at the same offer price, adjusted by Brazil’s benchmark Selic rate and subject to standard corporate adjustments.
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