The shareholders of Brazilian electric companies, CPFL Energia and Neoenergia, will swap shares to merge the two distributors, The Wall Street Journal reports. The shareholders include Brazilian construction company Camargo Correa, state-controlled lender Banco do Brasil and the bank’s pension fund, Previ.

The three controlling shareholders are seeking the fourth shareholder Spain’s Iberdrola, approval for the merger. The bank and pension fund are expected to remain in the merged company as partners.

Click here for the story from The Wall Street Journal.