The process has restricted access and there is no information on the total percentage that Itaú Unibanco will hold in the total share capital of NewCo.| Photo: Jonathan Campos/Archive/Gazeta do Povo

The General Superintendence of the Administrative Council for Economic Defense approved the transaction between Itaú Unibanco and Eneva Participações III SA (NewCo). The decision was published in the Official Gazette of the Union, this Friday (12).

According to Cade’s opinion, the “operation consists of a corporate investment by Itaú Unibanco in NewCo, which, on the closing date of the operation, shall hold shares representing the entire capital stock of Parnaíba Geração e Comercialização de Energia SA (PGC) and Parnaíba II”.

There is still no information on the total percentage that Itaú Unibanco will hold in the total capital stock of NewCo and the preferred shares issued by the company, due to the restriction of the process. In the opinion, it only states that the bank will hold a minority stake in the companies.

“As justification for carrying out the transaction, the Plaintiffs explain that, for the Itaú Unibanco Conglomerate, it represents a good opportunity to invest in energy projects in Brazil. For Eneva, it represents a good opportunity to add value to its businesses and shareholders”, says the opinion.