Brazilian state-controlled oil giant Petróleo Brasileiro S.A. - Petrobras (BOVESPA:PETR4), or Petrobras, has launched the binding phase of the auction for its 18.8% stake in electric power company UEG Araucária Ltda. (UEGA). Suitors that have qualified for this stage of the sale process will receive a process letter with detailed instructions on the divestment, including guidelines for due diligence and the submission of binding proposals, the seller noted in a press release.

The sale is carried out together with fellow shareholders -- Companhia Paranaense de Energia - COPEL (BOVESPA:CPLE6) and COPEL Geracao e Transmissao SA, which own stakes of 20.3% and 60.9%, respectively.