State Grid to own 100% of CPFL

Move expected to result in more business and higher exposure in South America

The State Grid Corp of China - the world's biggest utility company by revenue - said it will launch a tender offer to buy the remaining shares it does not already own in CPFL Energia SA, the Brazilian power group said in a securities filing.

The State Grid said on Thursday it would pay 25.51 reais ($8.35) per share for the balance in CPFL.