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Financial News: ELETROBRAS: Workers Hold 72-hour Strike

ELETROBRAS: Workers Hold 72-hour Strike

06/12/2018 - 12:51:00 (RTTNews)

(RTTNews) - The Brazilian state-owned power company Eletrobras' employees are holding a strike to pressure the country's government against the company's privatization, and they intend to keep the stoppages for 72 hours, as originally planned.

Among the claims, the workers demand the departure of the president of state-owned company, Wilson Ferreira Jr., and the revocation of plans to sell the six distributors in the North and Northeast regions, in addition to 70 Special Purpose Companies (SPEs), which would be the first so that the government can privatize the holding company as a whole.

According to analysts consulted by Ag?ncia CMA, the risk of the strike overthrowing the president of the state is low. However, it is possible that the demonstration increases the wear and tear that the privatization process has been facing.

"Given that Eletrobras does not have the same visibility as Petrobras, I do not think it should lead to Wilson's departure, but the greatest danger would be a frustration with the delay in privatization, which would make it difficult for him to stay, besides other consequences," said a source who did not want to be identified.

In a report to clients, Brasil Plural bank minimized the risk of Wilson Ferreira Jr. leaves as president of Eletrobras. "The movement has limited space to influence the political scenario: the core business of the company (generation and transmission) has limited exposure to the population, which prevents widespread dissatisfaction with the company and its president," said the institution, which kept a recommendation purchase price for the company's shares at R$ 27.60.

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