(Adds share performance in paragraph 6)
By Guillermo Parra-Bernal
SAO PAULO, Jan 31 (Reuters) – The Brazilian state of Minas Gerais opposes the sale of the controlling stake it has in power utility Cia Energética de Minas Gerais SA as a condition to join a federal government-backed debt relief plan, a person with direct knowledge of the matter said.
According to the person, who requested anonymity because of the sensitivity of the issue, mineral-rich Minas Gerais wants part of the 92 billion reais ($29.44 billion) the federal government owes it in the form of export-promotion tax exemptions to be refunded if the state joins the debt program.
The sale of the state’s 51 percent voting stake in Cemig, as the utility is known, looks unfeasible …
Read the full article at: http://finance.yahoo.com/news/brazil-state-rules-cemig-sale-200412041.html