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CPPIB, GIC did not participate in Eletrobras privatization -report

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SAO PAULO, June 10 (Reuters) - Singapore's state investor GIC Pte and the Canada Pension Plan Investment Board (CPPIB) have not bought shares in Eletrobras' privatization offering because they demanded prices below what the Brazilian government was willing to accept, financial blog Brazil Journal reported.

According to the blog, CPPIB and GIC each had orders of 4 billion reais ($802 million), but those were conditioned on the offering being priced at 40 reais per share or less.

Brazil Journal, citing people with knowledge of the matter, said that the government would not do the sale at that price. The shares ended up being sold at 42 reais per stock, as confirmed by Eletrobras on Friday, and both funds decided not to move their bids higher.

CPPIB declined to comment, while GIC did not immediately respond to Reuters' requests for comment.

Both were expected to become relevant shareholders in Centrais Eletricas Brasileiras SA, as Eletrobras is formally known, even as they are seldom seen in follow-on offerings. ($1 = 4.9870 reais) (Reporting by Gabriel Araujo; Editing by Mark Porter)