Cemig Ups Redentor Position

Brazilian power utility Companhia Energetica de Minas Gerais (Cemig) has increased its position in Redentor Energia to 96.8%, from 54.08%, it says. The utility spent BRL333.2m ($175m) to buy the approximately 46.28m shares at BRL7.20 each in a public offering, through its Participacoes em Ativos de Energia Eletrica vehicle. Cemig acquired the initial 54.08% stake in Redentor for BRL403m in May, prompting the tag-along offer. Redentor is a holdco for Rio Minas Energia Participacoes (RME), which in turn owns a 13.03% stake in power distributor Light. The deals this year leave Cemig in control of Light.