Aquisição de controle mediante oferta públicauma análise do caso Eletropaulo

Resumo

For a long time, the Brazilian stock market was characterized by the majoritarian presence of companies whose shares was concentrated among a few shareholders, which, in reality, made it almost impossible to acquire the control of company through a Public Offering (OPA), a means commonly used in other jurisdictions - especially in countries with developed capital and financial market– economically speaking. Nevertheless, the ownership structure of some of the Brazilian publicly-traded companies has been gradually changing, with more and more companies with dispersed capital among many shareholders - without the presence of a majority controlling shareholder. As such, the importance of this paper resides in the fact that, with more companies with dispersed capital, the takeover bids tend to be a more commonly used strategy by the players of the Brazilian stock market. Considering that the recent acquisition of the control of Eletropaulo Metropolitana Eletricidade de São Paulo SA, by Enel Brasil Investimentos Sudeste SA, in the competing modality of the takeover bid, which also included the companies Neoenergia SA and Energisa SA, was largely discussed in the media, regulatory authorities and legal doctrine. It’s this particular case that will act as the evidential underpinning to this paper’s line of argument.

Ficha do documento

Tipo

Outro

Ano

2018

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Não informado

Identificador

oai:repositorio.fgv.br:10438/28248

Palavras-chave

Oferta pública de aquisição de controleOferta concorrenteDispersão acionáriaCompanhia-alvoOfertanteAcionistasTakeover BIDCompeting tender offerShareholding dispersionTarget companyBidderShareholdersDireitoAções (Finanças) - BrasilMercado de capitais