Brazilian power company Equatorial has submitted a proposal to buy a 15% stake in Cia. de Saneamento Basico do Estado de Sao Paulo before today's deadline, Bloomberg reported. Private utility Aegea Saneamento e Participacoes SA, backed by Singapore sovereign wealth fund GIC and Itausa SA, had seriously considered a bid but did not proceed with the plan. The price proposed by Equatorial is expected to be announced by the government on Friday. The equity deal could raise up to 16.8 billion reais ($3 billion), which would be the largest in Latin America in two years. Sabesp will no longer be a state-owned company in Brazil after the offering.
