RIO DE JANEIRO, BRAZIL - Brazil is moving forward with the process of relinquishing its majority stake in Latin America's largest power utility, Eletrobras, through a share sale that could raise US$7 billion. It would be the country's largest privatization in more than two decades.
Centrais Elétricas Brasileiras SA (ELET6), as the Rio de Janeiro-based company is formally known, is issuing new shares as the national development bank (BNDES) sells part of its stake . . .