Brazilian investment funds Bonaire Participa��es SA and Energia S�o Paulo FIA hired JPMorgan Chase & Co to advise them on the potential sale of their stake in CPFL Energia SA, a major Brazilian power holding company. In a securities filing on Friday, the decision respects an accord between Bonaire, VBC Energia SA e 521 Participa��es SA to share control of CPFL. Both Bonaire and Energia S�o Paulo are investment vehicles comprised of pension funds Funcesp, Petros, Sistel e Sabesprev.
CPFL Energia SA is Brazil-based holding company engaged in the distribution, generation and commercialization of electric energy in Brazil. Shares of CPL traded higher by 1.5% or $0.27/share to $18.25. In the past year, the shares have traded as low as $12.80 and as high as $20.59. On average, 469041 shares of CPL exchange hands on a given day and today's volume is recorded at 375079.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM remained unchanged at $57.04. In the past year, the shares have traded as low as $50.06 and as high as $61.48. On average, 17407600 shares of JPM exchange hands on a given day and today's volume is recorded at 12040637.
Source
