SAO PAULO, May 21 (Reuters) - Eletropaulo, Brazil's largest power distribution company by revenue, provided details on Monday of the rules for an auction for companies to acquire a controlling stake in the firm.
According to a presentation to investors, Eletropaulo Metropolitana Eletricidade de Sao Paulo SA, as the company is formally known, said interested companies would have to deliver their offers to the Sao Paulo's exchange B3 by the end of May 24.
In the case of a tie, companies could present new offers at every 30 minutes after 7:35 p.m. (2235 GMT) on May 24.
The largest offer after this process would be registered on June 4, the day set to conclude the auction. Eletropaulo said that it will be possible for another company to present an offer between May 24 and June 4, if that is 5 percent bigger than the largest one standing.
If that happens, the company would give the option for all participants to present new offers on June 4.
Brazil's development bank BNDES and U.S. power company AES Corp are the largest shareholders at Eletropaulo.
There are two offers currently for Eletropaulo's controlling stake. The largest, of 32.20 reais ($8.69) per share , is from Italy's Enel SpA. The second largest, of 32 reais per share, comes from Neoenergia SA, which is controlled by Spain's Iberdrola SA.
$1 = 3.7047 reais Reporting by Marcelo Teixeira; editing by Grant McCool