Geoffrey Kirkman, Jay H. Walder
Harvard Kennedy School (HKS066-PDF-ENG)
June 01, 1999
In 1996, the Brazilian government tried to sell the large federally owned electricity distributor in Rio de Janeiro to private investors. Rio Light’s competitive auction was announced as a test of the entire Brazilian privatization program, which had been criticized in the national and international press for its slowness and lack of results. As the auction date approaches, the director of electricity privatization at the Federal Development Bank of Brazil is concerned that Rio Light’s reserve price is too high. The case presents pro forma financial information and can be used to discuss relevant factors in evaluating a state-owned company and measures of auction success. Case number HKS 1540.0
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