Parana court halts sale of Copel Telecom

14 Jan 2020

The Parana court has suspended the attempt by state power company Companhia Paranaense de Energia (Copel) to sell its Copel Telecomunicacoes (Copel Telecom) unit, Reuters reports. In July 2019 Copel hired Banco Rothschild to manage the sale process, which is expected to raise around BRL1 billion (USD242.9 million). However, the news agency reports that the Parana engineers’ union has filed an injunction, because the contract was assigned to Rothschild without a formal bidding process. A statement issued by the utility firm notes: ‘Copel states that it has complied with all necessary legal procedures and best market practices for the hiring of said financial institution.’

Brazil, Copel Telecom