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SÃO PAULO – The news of the company highlights the debate on the actions of the government, recommendations BBI Bradesco in the sector of fuel distribution and pretortions of the pretorc of Geraldo Alckmin toucans on Petrobras in an interview with Value Find out what to watch for:
Petrobras (PETR3, PETR4)
In an interview with Valor Econômico, the PSDB presidential candidate, Geraldo Alckmin, pointed out that he does not want to privatize Petrobras, but wants the company to do so. company focuses on pre-salt, end the state monopoly on refining, sell the distributor and mature post-salt fields. The state-owned company says it should focus on pre-salt, prospecting and research.
Also on Petrobras, the company extended with Mizuho a debt term of 1 billion US dollars until 2024. The original maturity was in two tranches, one in 2020 and another in 2022, according to a statement to the market. The company also said the new financial costs are more competitive, without providing more details
The company still maintained the prices of gasoline in refineries unchanged at R $ 1,99611 / liter after review, according to information from the company's website
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Embraer (EMBR3)
Doubts about the possible extinguishment of preferred shares between Embraer and Boeing led TCU to postpone the consultation on special clbad actions, Valor said. The Brazilian Court of Accounts (UCC), José Múcio, proposed on Wednesday 18 that the government could abandon the special shares it holds in privatized companies and grant the right of veto in important decisions, the preferred shares. There should be three conditions: whether on the basis of the government that the reason for the creation of the special shares no longer exists, that there is a compensation for the public funds and the approval by the Investment Partnerships Program Council.
Múcio is rapporteur a process that badyzes a request from the former Finance Minister, Henrique Meirelles, to question whether the government can dispose of preferred shares without financial compensation. The former minister considered these actions as a barrier to investment. The government holds preferred shares in Vale, IRB-Brasil Resseguros and Embraer, which recently announced an agreement with Boeing for the sale of its commercial aviation division.
Analysis of the process by the plenary was scheduled for Wednesday, but delayed after Minister Vital de Rego's request for views. Minister Marcos Bemquerer followed Múcio's vote.
The rapporteur stressed that it is necessary to define "by specific rule" how compensation should be calculated.
The justification for compensation, according to Múcio, is that even if it is not a sale, there is a value behind the disbursement of the preferred shares, because the government is giving up a right. Another reason is the argument presented by the Treasury that special shares devalue companies. The logic, according to the listeners, is that the prospect of evaluation justifies a payment to the Union.
The technical unit said in his demonstration that, since there is no provision in the law for the sale of preferred shares, the government can not them. The prosecution concluded that there was no legal restriction and did not indicate the need to pay for the shares.
Also on the news of Embraer, the company and Kenya Airways announced Wednesday at the aviation industry fair in England, signing a contract under which the Brazilian manufacturer will take Supporting the planning and replacement of a significant portion of the stock of spare parts for the 15 Embraer E190 jets operated by the Kenyan company.
Our Lady (GNDI3)
Notre Dame Intermédica has signed a purchase agreement of the Mediplan Sorocaba Group, priced at 9.1 times Ebitda (earnings before interest, taxes, depreciation and amortization ).
Electric
The Italian energy company Enel plans to invest more in Brazil, following its takeover of Eletropaulo (ELPL3) in June. In the line of vision of the executive Francesco Starace there would be two distributors of Eletrobras (ELET3, ELET6) and Light (LIGT3), said in an interview with Valor Econômico
Cielo has contracted with the recruitment firm Korn Ferry to help him choose a new CEO, working on a list of names already established by the banks of control, Bradesco and Banco do Brasil.
Cielo (CIEL3)
The company also announced the creation of an innovation committee and the appointment of a new director, who will lead the work with innovative technologies and trends commercial and technological
Recommendations
Bradesco BBI has relaunched the coverage of shares in the fuel distribution sector, believing that, even with potential regulatory changes, the industry should remain on the defensive and have limited downside potential . In a challenging growth scenario, the badysis team shows a preference for investment records that offer dividends, alternative sources of growth, a protection of cash flow and an attractive valuation. Cosan (CSAN3) is the industry's first choice, with an outperformance recommendation and a target price of R $ 50.00, the same recommendation from BR Distribuição (BRDT3), with a target price of R $ 25. Ultrapar ( UGPA3) has a neutral recommendation, with a target price of R $ 48,
The bank's badysis team does not see big short-term catalysts for Ultrapar and Cosan, and important triggers for BR Distribuidora would be elections and potential partnerships to be announced. In the case of Cosan, the approval of downstream badets in Argentina is expected by the end of the year, but they do not see this with great potential for action.
(With state agency and Bloomberg)
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