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CPFL Energia completes equity offering ahead of reorganisation plans

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State Grid’s CPFL Energia has hired Shearman & Sterling LLP in New York, San Francisco, Washington, DC, Rio de Janeiro and São Paulo and Pinheiro Neto Advogados in São Paulo to issue shares worth 3.2 billion reais (US$829.6 million) after announcing plans to absorb its subsidiary, CPFL Renováveis.