Latest News

Andre Esteves, BTG Pactual's Andre Esteves is expected to join Eneva’s board

According to a proposal made on Friday, the billionaire chairman of Brazil's BTG Pactual investment bank, Andre Esteves is expected to join Eneva's board.

Eneva's seven-member board of directors would gain two new members under the proposal. Two other members would be resigning. Rodrigo Santos Coutinho Alves was also nominated, as he is a partner of BTG Pactual.

Eneva, Eneva’s largest shareholder, has strengthened its bet with BTG by adding two new members.

Eneva, one of Brazil's largest gas-fired generators, has increasingly competed for space with other major generators such as Petrobras or Ambar from the J&F Group.

The parties announced a deal last year that saw Eneva acquire thermoelectric plants owned by BTG. They also offered a follow-on offer of a billion dollars by the generator. This was almost entirely taken up by the bank which increased its stakes in Eneva.

Eneva has also proposed that five of its current board members be re-elected. The meeting of shareholders is scheduled for April 30. Reporting by Leticia Ficuchima, Additional reporting by Isabel Teles and Editing by Ali Williams

(source: Reuters)