UPDATE 1-Brazil takes new steps on Eletrobras as company prepares to downsize

June 23, 2016 5:21 PM

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BRASILIA, June 23 Brazil announced further steps on Thursday to reshape Centrais Elétricas Brasileiras SA, formalizing a cash injection and cutting some of the state-controlled power holding company's functions as a downsizing takes shape.

Shares of the company known as Eletrobras, Brazil's largest power group, surged almost 9 percent on Thursday after closing 6.8 percent higher the day before on news of the cash infusion and the appointment of a new chief executive officer.

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