AES Brasil Energia SA shares rallied 15% following a merger deal with Auren Energia SA to create one of the largest energy generating companies in Brazil.
Auren Energia said in a filing Wednesday it will carry out a corporate reorganization to convert AES Brasil into its subsidiary, creating a single publicly held company. Auren’s stock dipped as much as 4.6% Thursday in Sao Paulo.
AES Corp. agreed to sell 47.3% in AES Brasil to Auren for about $640 million, according to a separate statement. That values AES Brasil shares at about 11.55 reais ($2.25) each, an 18% premium to ...
