The regulator should respond promptly to corporate restructuring operations

On September 4, Amec published a notice to the market. The Association’s Executive Board and Board of Directors requested that the Brazilian Securities and Exchange Commission (CVM) voices its opinion “promptly with a view to guiding the market and preventing damages” regarding “corporate restructuring operations that may result in the compulsory sale of shares held by minority shareholders and weaken tag along rules.”
The acquisition of Fibria by Suzano, announced in March, is one of the reasons for the publishing of the notice. On the same day that Amec disclosed it, the CVM rejected the request made by the company’s minority shareholders to interrupt the deadline of Fibria’s notice of shareholder meeting. The minority shareholders claim they will be forced to sell approximately 80% of their investments. Tempo, one of the fund managers that appealed to the regulator, questions the absence of a tag along offer – which would ensure minority shareholders’ right to leave the company in the case of transfer of control.
Amec’s notice to the market is available here.
Check out Coluna do Broadcast about the topic published in the Estadão newspaper.