Reuters: Regulatory News: Brazil's Equatorial bids for troubled rival Celpa

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Brazil's Equatorial bids for troubled rival Celpa Jun 27th 2012, 21:22 SAO PAULO, June 27 | Wed Jun 27, 2012 5:22pm EDT SAO PAULO, June 27 (Reuters) - Brazilian electricity utility Equatorial Energia placed a formal bid for control of debt-laden power distributor Celpa, according to a securities filing on Wednesday. Under terms of the proposal, Equatorial has exclusive rights to negotiate a deal with Celpa's majority shareholder, Grupo Rede Energia, the filing said. Celpa, which serves the northern state of Pará, filed for bankruptcy protection in February, citing a deterioration in its finances. Reuters reported last month that Equatorial was gauging a bid for Celpa, citing sources familiar with the situation.

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