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Cemig CFO Castellari leaves for Abu Dhabi’s Mubadala, says source: Reuters

Paulo Castellari, who was named chief financial officer of Brazilian power utility Cia Energética de Minas Gerais SA (Cemig) only two months ago, is joining Mubadala Development Co PJSC, a source told Reuters on Tuesday.

Castellari formalized his departure from Cemig on Monday after receiving an offer to join the Abu Dhabi investment fund, the source, who has direct knowledge of the matter, said.

Mubadala opened an office in Rio de Janeiro early last year to spot potential opportunities in Brazil and manage local investments in ports, properties and other sectors.

Castellari joined Cemig on Dec. 21, as part of a broad management reshuffle that sought to accelerate debt-reduction plans. The management and largest shareholders of the utility have been at odds over strategy since 2015, Reuters reported late last year.

A former Anglo American Plc executive in Brazil, Castellari will be replaced by Adézio Lima as CFO and head of investor relations at Cemig, the company said in a statement. Reuters was not able to contact Castellari about the move.

Castellari joins Mubadala as the fund discusses buying a minority stake and injecting fresh capital into Brazilian infrastructure company Invepar SA to kick-start projects and reduce debt, three people with direct knowledge of the matter told Reuters on Feb. 9.