Amec defends integrity of the law in a letter to CVM

In the letter, the Association of Capital Market Investors – Amec – mentioned the recent decision of the board of the Brazilian Securities Commission – CVM that, by majority and contrary to the reiterated position of the Superintendence of Company Relations, decided for the non-applicability of the preemptive right provided by Article 253 in any private sale of BR Distribuidora’s shares.
This decision is based on the Lightger case, decided in 2011. But the two situations have relevant features and cannot be understood as similar. Thus, members have decided to send letters to CVM and Petrobras, suggesting to the company “that any private sale of BR Distribuidora’s shares must be preceded by an Extraordinary Shareholders’ Meeting, in which the shareholders would vote on  the proposal of sale and expressly the “waiver” of the rights of Article 253 (pursuant to the Sole Paragraph of the provision)” as a demonstration of commitment to the good treatment of its shareholders.
Click here and access the Letter from the President 10/2016 – Board of CVM Decision on 08/16/2016 – Applicability of Article 253 to BR Distribuidora