A root (ROOT4) communicated that he received this Tuesday (7) a letter from Hédera Investimentos e Participações confirming the sale of its entire stake in the company.
The Hedera, Louis Dreyfus Groupformer controller of Biosevsold all 330,602,900 preferred shares it held in Raízen, representing 24.3% of the total preferred shares issued by the company.
Hédera emphasized in the document sent to Raízen that the previously held stake in the company corresponded to a minority investment, strictly for investment purposes, and does not change the composition of the control or the administrative structure of the company.
Hédera also highlighted that it does not hold other securities or derivative financial instruments referenced in shares issued by Raízen.
With the sale of the shares, Hédera withdraws completely from the shareholding structure of Raízen.
The movement was already expected by the market after the announcement of a large block trade (sale of shares in block) involving Raízen. The company’s shares sank nearly 5% at the time.
Hédera now holds 24.3% of Raízen’s outstanding shares after the company bought Biosev. The deal involved the exchange of shares and the cash payment of R$ 3.6 billion for debt refinancing.
A report published in Brazil Journal explains that Hédera’s stake in Raízen was pledged as collateral for a debt owed by Hédera’s parent company, and its liquidation will be used to amortize this debt.
A XP Investimentos reached the assessment that the total sale of the shares held by Hédera brings a negative vision for the company. According to the brokerage firm, it is necessary to clarify whether the sale is due to macro concerns, such as uncertainties regarding the company’s pricing policy. Petrobras (PETR4), or for reasons specific to Raízen.
“With Hédera on the sell side, we want to understand who is on the buy side, which can give an interesting reading on market expectations”, he says, in a report dated January 30th.
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