Centrais Elétricas Brasileiras S.A. — Eletrobras (ELET3), Brazil’s largest utility, has approved a redemption of 37.2 million Class C preferred shares (PNC) at a price of R$53.71 per share, totaling a significant R$2 billion operation. This massive corporate action is explicitly designed to unify the company’s capital structure and complete its migration to the B3’s Novo Mercado segment, the highest standard for corporate governance on the Brazilian stock exchange, a process that has been central to the company’s post-privatization strategy. The redemption price aligns with the current common stock price, equalizing the value between the two share classes.