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The Wall Street Journal: China’s State Grid eyes $13 billion utility deal in Brazil

A state-run Chinese company is pursuing a takeover of a Brazilian electric company in what could be China’s biggest investment in the South American country.

State Grid Corp. of China, the world’s largest electricity provider by revenue, is wooing shareholders of CPFL Energia SA CPL, +0.28% and a listed subsidiary, according to people familiar with the situation. It expects to secure stakes from large holders this month before making a full offer to the rest, according to the people.

The $13 billion deal, the value of which includes the assumption of CPFL’s 18.3 billion reias ($5.8 billion) of debt, could bring a fresh dose of foreign capital to Brazil, which is slogging through one of its deepest recessions ever.

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