Burger King Brasil owner refuses Arab fund offer, airport auction and what matters in the market

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offer declined

Zamp (formerly BK Brasil), the group responsible for the operations of Burger King and Popeyes in the country, announced this Wednesday (17) that its board of directors rejected the acquisition proposal made by the Arab fund Mubadala Capital in early August.

According to the statement, the price per share of the offer is not consistent with the value of the company.

Remember: MC Brazil F&B Participações SA, controlled by the sovereign wealth fund of the United Arab Emirates, already has 4.95% of Zamp’s capital and made a proposal to buy 45.15% of the shares, which would make it take control of the company.

• The offer was BRL 7.55 per share, in an operation that would total R$938.6 million.

• Opinion contracted by Zamp points out that the fair value of the shares issued oscillates between BRL 9.96 and BRL 13.47with an average point of R$ 11.72, values ​​higher than the offer price.

• The company’s shares ended the trading session this Wednesday in BRL 8.40. The denial of the proposal was made public after the stock exchange closed.

it’s the second time that the “hamburger king” does not accept to go ahead with a corporate offer.

Cup, 5G and aid cheer up retail

The largest retailers in Brazil expect a second semester with sales heated up by the World Cup, the arrival of 5G and an increase in Auxílio Brasil, which should be added to Christmas and Black Friday, traditional positive dates for the sector.

In interviews with journalists and analysts after the release of the results, representatives of Americanas, Via (Casas Bahia and Ponto Frio) and Magazine Luiza cited “cautious” optimism, with a still worrying scenario of interest rates and inflation.

What explains: the fourth quarter should be more positive for Brazilian retailers, as it concentrates the off-season World Cup and festive dates with an expected relief from inflation – last year, the rise in prices marked the “Black Friday of food”.

• In Brazilian capitals that already have access to 5G, the demand for devices compatible with the new technology –which cost over R$2000– has increased between 30% and 40%, points out Magalu.

breath: the expectation for an improvement in sales in the second half of the year also appears in the actions of retailers, which had been going through a rough patch in the face of the perverse sum of inflation and interest rates.

• Until the afternoon of this Wednesday, Magalu’s shares were up about 60% in August, but they still fell 43% in the year.

• Via’s shares had gains of 45% in the month and losses of 34% in the year, while the appreciation of Americanas is 3% in August and retreat from 53% in 2022.

Spanish group should stay with Congonhas

The auction of the seventh round of the airport concessions program, this Thursday, could expand to more than 90% national traffic transferred to the private sector.

The highlight of the event is the Congonhas airport, which will be offered in a block with ten other terminals.

In numbers: the three blocks that will be auctioned on this farm process around 16% of the country’s total passenger traffic (about 30 million of travelers per year according to 2019 data, before the pandemic).

• They must join the 75.8% of national traffic that was sold to private agents from 2011 to 2021.

The crown jewel: the winner of the block that contains Congonhas airport must be the Spanish group Aena, which operates in the Northeast region and was the only one to present a proposal for the group, as advanced by Sheet.

• The total investment in this block is BRL 5.8 billion for 30 years (concession period), with BRL 3.3 billion only in Congonhas.

Filet with bone: is the strategy adopted by the Ministry of Infrastructure to include in the same group a busier airport (as in Congonhas) with smaller ones, which might not attract interested parties if they were offered alone.

What else is at stake in the 7th round of airport auction:

• General Aviation Block RJ-SP: Campo de Marte and Jacarepaguá airports, which are for executive aviation. The only proposal was presented by XP, in partnership with the French construction company Egis. The estimated investment is BRL 560 million.

• North Block II: Belém (PA) and Macapá (AP) airports. It will be the most competitive, with at least three proposals. The planned investments are BRL 874.77 million.

B3 proposes more diversity

B3 presented a proposal this Wednesday (17) so that all companies with shares on the Brazilian stock exchange have at least one woman and a representative of minority groups on their board of directors or statutory board.

The company cites as members of the second group black people, people with disabilities and members of the LGBTQIA+ community.

Deadline: B3’s idea is that the rules come into force in 2023 and start to take effect from 2025. The proposal is open for discussion in a public hearing for 30 days.

Companies that do not comply with the rules will have to publicly justify themselves. If this does not occur, the most serious cases can be punished even with the delisting of the company (end of share negotiations), according to the proposal.

In numbers: about 60% of the 423 companies listed on the Stock Exchange do not have any women among their statutory directors. In the council, this share is 37%says a survey carried out by B3 this year.

• The company said the occupation of women in high-ranking positions has evolved in recent years.

ESG schedule: B3 also proposes changes to the companies’ variable remuneration policy, which should include performance indicators linked to ESG themes or goals (an acronym for good environmental, social and corporate governance practices).