{"id":99366,"date":"2026-08-03T21:59:34","date_gmt":"2026-08-04T00:59:34","guid":{"rendered":"https:\/\/murray.adv.br\/?p=99366"},"modified":"2026-08-03T21:59:34","modified_gmt":"2026-08-04T00:59:34","slug":"foreign-groups-rethink-brazil-listings-as-buyouts-gather-pace","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/foreign-groups-rethink-brazil-listings-as-buyouts-gather-pace\/","title":{"rendered":"Foreign groups rethink Brazil listings as buyouts gather pace"},"content":{"rendered":"
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Santander\u2019s offer for minority shareholders highlights broader shift as multinational parents seek full ownership of subsidiaries amid depressed valuations<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n
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Santander\u2019s<\/strong>\u00a0move to\u00a0acquire the roughly 10% stake in its Brazilian subsidiary<\/a>\u00a0that it does not already own is the latest sign that foreign multinationals are rethinking the value of keeping their Brazilian operations listed on\u00a0B3<\/strong>. Companies including\u00a0Iberdrola<\/strong>\u2014the parent of Neoenergia\u2014, Portugal\u2019s\u00a0EDP<\/strong>, and France\u2019s\u00a0Carrefour\u00a0<\/strong>have taken their local subsidiaries private in recent years.\u00a0Valor\u00a0<\/strong>learned that other multinationals are also evaluating takeover bids to acquire minority-held shares in their Brazilian subsidiaries.<\/p>\n<\/div>\n

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The trend comes amid a backdrop of high interest rates, weak market liquidity, and a dearth of new equity offerings. After the wave of initial public offerings (IPOs<\/strong>) in 2020 and 2021, B3 has experienced a succession of take-private transactions, mergers and takeover bids, without enough new listings to offset the departures.<\/p>\n<\/div>\n

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B3 data<\/strong>\u00a0show the number of listed companies fell from 394 in 2022 to 344 as of the latest survey in June. A year ago, the exchange had 361 listed companies.<\/p>\n<\/div>\n

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\u201cFor two consecutive years, I\u2019ve been working on takeover bids,\u201d said\u00a0Jean Marcel Arakawa<\/strong>, a capital markets partner at law firm Mattos Filho. According to him, controlling shareholders and prospective buyers have identified a significant gap between companies\u2019 share prices and their intrinsic value.<\/p>\n<\/div>\n

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\u201cWhat we\u2019ve been seeing are situations where the controlling shareholder\u2014or even another buyer\u2014recognizes a discount between a company\u2019s intrinsic value and its screen price, creating room for transactions. On top of that, it has become much harder to generate additional liquidity for these shares.\u201d<\/p>\n<\/div>\n

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A source at an investment bank told\u00a0Valor\u00a0<\/strong>that other foreign groups are studying transactions similar to Santander\u2019s proposal. These assessments are at different stages and may not all result in formal offers. Still, they indicate that parent companies are reassessing whether it remains strategically worthwhile to keep their Brazilian subsidiaries publicly traded.<\/p>\n<\/div>\n

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\u201cThat makes a lot of sense, especially if the parent company\u2019s shares trade well in its home market,\u201d said the source, who requested anonymity. \u201cBroadly speaking, if the parent trades at a higher P\/E multiple [price-to-earnings ratio] abroad, it\u2019s a logical move.\u201d<\/p>\n<\/div>\n

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In practice, when a parent company commands a higher valuation multiple in its home market than its Brazilian subsidiary does locally, it can use its own shares as acquisition currency to buy the publicly traded minority stake at a relatively lower economic cost while capturing all of the subsidiary\u2019s future value creation. Foreign-controlled companies still listed on B3 include\u00a0Telef\u00f3nica Brasil, TIM Brasil,\u00a0<\/strong>and\u00a0CPFL Energia<\/strong>\u2014owned by China\u2019s State Grid. State Grid has previously announced plans to list its Brazilian operations.<\/p>\n<\/div>\n

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In Santander\u2019s case, the Spanish bank intends to launch a voluntary exchange offer under which minority shareholders may swap their holdings for shares in the parent company. The transaction could reach approximately R$11 billion, representing a 15% premium over the reference market price. Before the announcement,\u00a0Santander Brasil<\/strong>\u00a0units had fallen about 21% this year on B3.<\/p>\n<\/div>\n

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The transaction does not currently constitute a take-private deal. The offer is not subject to a minimum acceptance threshold, and shareholders may choose to remain invested. Santander said it intends to keep the Brazilian subsidiary listed on B3.<\/p>\n<\/div>\n

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A high acceptance rate, however, would significantly reduce the free float and could make a future delisting proposal easier should the parent company decide to pursue one. According to people familiar with the transaction, no such decision has been made, although market participants consider a delisting a possibility after the offer is completed.<\/p>\n<\/div>\n

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Beyond Santander\u2019s specific case, the move reflects a broader shift in how multinational companies view maintaining Brazilian subsidiaries on the stock exchange. For years, a local listing provided access to Brazilian investors, funding for expansion, acquisition currency, and an independent market valuation for local operations.<\/p>\n<\/div>\n

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That rationale has weakened as Brazilian shares have traded at what many consider steep discounts and liquidity has deteriorated. With little prospect of new equity offerings, some parent companies have concluded it makes more sense to acquire minority interests and fully capture the value generated by their subsidiaries, according to a market source.<\/p>\n<\/div>\n

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Spain\u2019s\u00a0Iberdrola\u00a0<\/a>was among the latest to follow that strategy. After purchasing retirement fund Previ\u2019s 30.29% stake in Neoenergia, it launched a takeover bid for the remaining shares, raising its ownership to about 98% of the company and paving the way for its delisting from B3.<\/p>\n<\/div>\n

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The transaction did not reduce Brazil\u2019s strategic importance for the group. Neoenergia remains one of Iberdrola\u2019s main international platforms, but concentrated ownership has given the parent company greater flexibility over investment decisions and corporate strategy.<\/p>\n<\/div>\n

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Portugal\u2019s\u00a0EDP\u00a0<\/strong>took its Brazilian subsidiary private in 2023, saying at the time that simplifying its corporate structure was part of its strategy for what it considered a priority market. In the retail sector,\u00a0Carrefour\u00a0<\/strong>acquired the remaining shares of its Brazilian operation in 2025 and became its sole shareholder, likewise emphasizing Brazil\u2019s strategic importance to the group. In that case, the transaction was not carried out through a formal takeover bid.<\/p>\n<\/div>\n

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The trend has also reached Brazilian groups. Last week, Randoncorp\u2019s controlling shareholder launched a voluntary tender offer to acquire shares in the commercial vehicle equipment manufacturer, offering shares in its subsidiary Fras-le in exchange\u2014a structure similar to Santander\u2019s\u2014as part of a corporate reorganization. Although the controlling shareholder is Brazilian, the transaction reinforces the broader trend toward simpler ownership structures, supported by the fact that the parent company trades at a significantly lower valuation than its subsidiary.<\/p>\n<\/div>\n

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Other transactions have had a similar effect on Brazil\u2019s stock market through different mechanisms. After acquiring control of Brazilian companies, shipping groups CMA CGM and MSC opted to delist Santos Brasil and Wilson Sons, respectively, choosing to operate the assets as privately held businesses.<\/p>\n<\/div>\n

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Despite differences among the transactions, all have reduced the universe of publicly traded companies available to Brazilian investors, at a time when the market has seen virtually no new IPOs.<\/p>\n<\/div>\n

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Henrique Filizzola<\/strong>, a capital markets partner at law firm Stocche Forbes Advogados, said the trend reflects a combination of strategic considerations, macroeconomic conditions, and characteristics of Brazil\u2019s capital markets. \u201cIn many cases, the persistent discount between share prices and the intrinsic value of the underlying assets, combined with weak market liquidity, reduces the advantages of remaining publicly listed,\u201d he said.<\/p>\n<\/div>\n

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He also pointed to the cost of capital and the expenses associated with maintaining a listed company. \u201cOn top of that, a high-interest-rate environment increases the cost of capital and makes capital markets a less competitive source of financing, while the regulatory and corporate governance costs associated with being a publicly traded company remain high,\u201d he said.<\/p>\n<\/div>\n

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In his view, the trend does not reflect a loss of confidence in Brazil but rather a reassessment of the most efficient ownership structure for capital allocation and business management. The growing number of these transactions, he said, underscores the need to improve market liquidity, broaden the investor base and strengthen the Brazilian market\u2019s ability to properly value high-quality companies.<\/p>\n<\/div>\n

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Contacted by\u00a0Valor<\/strong>, Santander reiterated a statement released last week saying, among other points, that the transaction \u201creflects Banco Santander\u2019s confidence in Brazil and in the growth potential of its businesses in the country.\u201d The other companies mentioned in this article declined to comment.<\/p>\n

*By\u00a0Fernanda Guimar\u00e3es\u00a0\u2014 S\u00e3o Paulo<\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Santander\u2019s offer for minority shareholders highlights broader shift as multinational parents seek full ownership of subsidiaries amid depressed valuations         08\/03\/2026\u00a0 Santander\u2019s\u00a0move to\u00a0acquire the roughly 10% stake in its Brazilian subsidiary\u00a0that it does not already own is the latest sign that foreign multinationals are rethinking the value of keeping their Brazilian operations […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[27050],"class_list":["post-99366","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-foreign-groups-rethink-brazil-listings-as-buyouts-gather-pace"],"yoast_head":"\nForeign groups rethink Brazil listings as buyouts gather pace - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/foreign-groups-rethink-brazil-listings-as-buyouts-gather-pace\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreign groups rethink Brazil listings as buyouts gather pace - 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