Neoenergia S.A. launched a bid to acquire the remaining 6.89% stake in Companhia Energética do Rio Grande do Norte - COSERN (BOVESPA : CSRN3) for approximately BRL 160 million on March 14, 2024. The company has informed the Brazilian Securities Commission, as the company intends to acquire both ordinary shares and Class A and Class B preferred shares. Currently, Neoenergia already owns approximately 93.11% of the distributor's share capital.

This price represents an investment of BRL 163 million (?30 million) at the current exchange rate. The bid is for the acquisition of all outstanding shares, which amount to around 11.5 million shares. The company will pay BRL 13.73 per share for the ordinary shares and BRL 15.10 for the Class A and B preferred shares.

The offer, has yet to receive regulatory approvals, is conditional on acceptance by at least two-thirds of the target shareholders. The transaction is expected to close by the end of the year.