SAO PAULO (S&P Global Ratings) Oct. 20, 2021-- Votorantim S.A. (global scale: BBB-/Stable/--; national scale: brAAA/Stable/--) and Canadian Pension Plan Investment Board (CPPI), which jointly control CESP-Companhia Energetica de Sao Paulo (CESP; BB-/Stable/--; brAAA/Stable/--) through their investment vehicle, VTRM Energia Participações S.A. (VTRM), announced a corporate restructuring in which CESP's minority shareholders would become shareholders of VTRM through a merger of shares. This stems from VTRM's intention to incorporate CESP's minority stake and to list on São Paulo's stock exchange. At CESP, the deal is still subject to conditions, including the approval of the company's minority shareholders and its board of directors, which will create an independent committee to make the decision within the next 90 days. VTRM's overhaul is
