Locates (RENT3) close to selling assets to Ouro Verde; news from Petrobras (PETR4) and Eletrobras (ELET3) and more highlights

This Friday’s corporate news (03) highlights the beginning of the reserve period for investors in the Eletrobras stock offering (ELET3;ELET6). In addition, Furnas, a subsidiary of Eletrobras, paid in 5.4 billion common shares, in the amount of R$ 681 million.

The Investment Partnership Program Board (PPI) approved the qualification recommendation of Petrobras (PETR3;PETR4) in the PPI portfolio, with the objective of initiating studies of a possible privatization of the state-owned company.

Camil (CAML3) informed adjustments in the amount of interest on equity (JCP) to be paid to shareholders.

Localiza (RENT3) is close to closing a deal to sell about R$3.5 billion in assets to competitor Ouro Verde, according to people familiar with the matter heard by Bloomberg.

Check out the highlights:

Localiza (RENT3) and Unidas (LCAM3)

Brazilian rental company Localiza said on Friday that it was in talks with an investment fund managed by Brookfield to sell assets valued at around R$3.5 billion (US$730 million).

The day before, Bloomberg reported that Localiza was close to closing a deal to sell about R$3.5 billion in assets to competitor Ouro Verde, according to people familiar with the matter. Localiza is being advised by Bank of America Corp., the sources told the agency.

No decision has been made and the deal may still not materialize, the people said. Localiza needs to carry out the sale of assets to comply with the requirements of the Brazilian antitrust supervisory body Cade, in order to complete its merger with Cia de Locação das Américas, known as Unidas.

This Friday (3), the reserve period for investors in the Eletrobras share offering begins. The operation could move up to R$35 billion and the government could result in a dilution of the government’s capital in the company, to less than 50%. The share price will be fixed the following week, on June 9.

Eletrobras also informed that Furnas paid in the 5,494,950,237 common shares that it subscribed on May 31, 2022, in the amount of R$ 681 million, as a result of the full exercise of its preemptive right within the scope of the capital increase of Madeira Energia SA (“MESA”), as approved at the extraordinary general meeting of MESA held on April 29, 2022.

“As already informed, the subsidiary Furnas informed the Company that it understands that it should receive the communication from MESA regarding the remaining shares resulting from such capital increase of MESA in order to subscribe them until June 7, 2022 and, consequently, pay them in up to two business days from the subscription date”, pointed out the company.

On Thursday, the Investment Partnership Program Board (PPI) approved the qualification recommendation for Petrobras (PETR3;PETR4) in the PPI portfolio, with the aim of starting studies on a possible privatization of the state-owned company.

Itaú BBA assesses the inclusion of the oil company in the portfolio for privatization studies as neutral.

Despite being the first milestone on the path of unlocking value for the company, analysts at the bank do not expect the market to attribute a high probability to this scenario for now, as this is just the first step in a broad process of privatization of the company.

“In light of recent experiences with other companies and considering the high political sensitivity of Petrobras, we foresee a long and arduous path of building political and social support for eventual approval by Congress”, they say.

Camil (CAML3) reported that the gross unit value per common share was adjusted from R$0.069680254 to R$0.069719118.

All shareholders holding common shares issued by the company will be entitled to the JCP at the close of business at B3, on June 1, 2022.

JCP will be paid on June 10, 2022.

Vale’s Board of Directors deliberated on the composition of the company’s Audit Committee, with
term scheduled until 2023, informed the mining company the day before.

The following members were elected: Manuel Lino Silva de Sousa Oliveira, Murilo César Lemos dos Santos Passos and Rachel de Oliveira Maia, independent members of Vale’s Board of Directors; Luciana Pires Dias and Sergio Ricardo Romani, both external experts who have participated in the committee since its establishment in March 2020.

Two members of the Audit Committee are specialists in accounting and auditing: Sousa Oliveira and Sergio Ricardo Romani. Oliveira continues as the coordinator of the committee.

Vale’s Audit Committee is a statutory body that advises the Board of Directors and aims to supervise the quality and integrity of financial reports, compliance with legal, statutory and regulatory standards, the adequacy of processes related to risk management and the activities of internal and independent auditors.

Pine Bank (PINE4)

Banco Pine (PINE4) authorized transactions to exchange the results of future financial flows (total return equity swap) for balance sheet protection.

Carrefour Brasil (CRFB3)

Carrefour announced how the composition of its new Executive Committee (Comex) will be, after the closing of the merger operation of Grupo Big Brasil, not yet concluded. The Comex will be expanded to 12 executives, who will report directly to the president.

In a statement to the market, Carrefour informs that the future composition will have a balance between professionals from the Carrefour Brasil Group, employees of the Big Group and market executives. The participation of women at the top of leadership will also be expanded, representing 33% of the total number of executives, covering corporate and business areas.

The new structure will also have two transversal chairs: Digital and Transformation, in order to make internal processes more agile and simple.

“We want to build a new company that is based on the strengths of both groups. The new Comex will materialize our decision to make a true integration and not just an acquisition”, highlights the president of the Carrefour Brasil Group, Stephane Maquaire, in a note to the Securities and Exchange Commission (CVM).

According to her, the new structure will also reflect how much the company is committed to the process of simplification, agility and digitalization, “bringing the customer experience more and more to the center of our actions”.

Stone (STNE:Nasdaq)

Payments company StoneCo reported on Thursday that it had a net loss of R$313 million in the first quarter, reversing a positive result of R$158 million recorded a year earlier.

In adjusted terms, the Brazilian company listed on Nasdaq had a profit of BRL 132.2 million in the period, down 29.4% year-on-year.

StoneCo also informed in the report that it sold 21.5% of its stake in Banco Inter (BIDI11), taking advantage of the option offered in the restructuring of the group. The company had until Wednesday 4.97% of Inter’s capital.

The company announced that its first quarter revenue totaled R$ 2.07 billion, an increase of 138.6% compared to the same period last year. StoneCo’s forecast for the period was an increase of 119%.

The company also predicted on Thursday that its second-quarter revenue will be R$2.15 billion to R$2.2 billion, an increase of 154.1% over a year earlier.

(with Estadão Content and Reuters)

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