The CNV made modifications to the regulations with the aim of facilitating the privatization of public companies. especially in the energy and gas sectors.
The National Securities Commission (CNV) modified the regulations regarding Public Acquisition Offers (OPA) with the aim of facilitating the privatization of public companies, especially in the energy and gas sectors.
The new regulation, established by General Resolution No. 1037, allows the transfer of up to 50% of the shareholdings of state-owned companies to a private acquirer without the need to carry out a takeover bid.
This exception applies as long as the private acquirer assumes the same position as the State in a pre-existing shareholder agreement, maintaining the control structure of the company, according to a report from the CNV.
“The regulatory modification contemplates the situation in which a new shareholder assumes the position of the selling shareholder, keeping intact the shareholding of the controlling company in the affected station and includes the adhesion of the new shareholder to the pre-existing agreements, if any, which which ensures continuity in the governance and operation of both the controlling company and the station,” the official report indicated.
The president of the CNV, Roberto E. Silva, highlighted that this measure seeks to eliminate regulatory barriers that do not add value to the purpose of protecting the public interest, while promoting an adequate legal environment for the transfer of assets by the State.
“The regulations issued promote the balance between the public interest, the protection of investors and the need to promote an adequate legal environment for the transfer of assets by the National State” and that “we continue to work in line with the objectives of the National Government day by day, as we have done since the beginning of the administration,” said Silva.
The regulations aim to favor strategic objectives of the State, such as the reconfiguration of its participation in key sectors of the national economy.
Source: Ambito
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