Brazil demonstrators against privatization of state-owned company

About 500 demonstrators opposed to the privatization of a large Brazilian property electricity producer yesterday blocked access to one of the company's dams, protesting over an auction of the majority stake in the state-owned company.

According to a statement released Energetica de Sao Paulo SA, or CESP, the protest yesterday did not affect us, exploitation and protesters occupied only public area before leaving.
Privatization of state companies, which generates about 60 percent of electricity used in the Sao Paulo state requires a minimum bid at 6.6 billion reals (3.8 billion dollars).

Activists from the Landless Workers Movement and the Movement of Dam-Affected people are strongly opposed to privatization of public companies, which they see as letting state property wealthy investors.

As in Brazil property, the federal government promised not to renew the license for two CESP in dams, many doubt that the auction will generate minimum rates and, consequently, CESP stock faced 10.7 percent loss yesterday in Sao Paulo Bovespa exchange.