CVM again advances BRF Age after questions about transparency in the proposal of incorporation by Marfrig. (Photo: Disclosure)
THE Securities Commission (CVM) this Friday (11) decided to postpone, once again, the holding of the Extraordinary General Assembly (AGE) of the BRF (BRFS3), which was scheduled for next Monday (14).
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The decision was unanimously approved and complied with minority shareholders, which alleges lack of information about the proposal to incorporate BRF actions by the controller Marfrig (MRFG3).
The first attempt to hold the Assembly, scheduled for June 18, had already been interrupted by CVM decision, which required more detailed data on the terms of the exchange ratio between companies.
On June 16, the regulator authorized a first postponement of 21 days, charging additional clarifications to ensure the transparency of the process. However, the documents delivered on June 23 omitted numbers and financial projections on the grounds of commercial secrecy.
Minority shareholders have criticized the lack of this information, claiming that it compromises the ability to assess whether the terms of the operation are fair. The CVM SEP Relations Superintendence (SEP) agreed in part with this evaluation, stating that the absence of concrete data “empties the purpose of the norm” that deals with transparency in corporate operations.
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Although BRF argues that it has the right to maintain certain information confidential because they are sensitive, SEP stressed that Marfrig had access to this data, which generates an informational asymmetry in the process. Given this, the CVM has determined a new postponement of 21 days, which begins to count from the disclosure of the required data.
CVM director Marina Copola highlighted the divergence between the exchange ratio proposal and technical parameters such as historical quotations and evaluation reports. With this, BRF should publicly detail the criteria used to support the proposal.
*The information is from Broadcast Agro
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Source: Moneytimes
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