The Brazilian government's state of Goias has delayed the auction of Companhia Energetica de Goias (Celg), a regional electricity distribution concern, because labor unions successfully sought a legal injunction to block the sale, says a banker familiar with the matter. The Celg sale, which had a BRL1.32 billion ($520 million) minimum price tag, was slated to occur two weeks ago. The Goias government has yet to set a new date, according to the banker. J.P. Morgan bankers, who are advising on the sale, declined to comment.
December 08, 2001