Panel SA: Stalemate in the merger of Rede D’Or with Sulamérica drops Qualicorp shares

Qualicorp, which belongs to Rede D’Or, suffers a historic drop on the Stock Exchange due to an impasse in the merger between its parent company and SulAmérica. The health plan administrator is also the target of the merger of the businesses.

Although the operation was approved by Cade (Administrative Council for Economic Defense), it still awaits a definition from the ANS (National Health Agency) for the deal to be sanctioned. There was an unfavorable opinion and Rede D´Or appealed. The case is awaiting judgment by the plenary.

Since Qualicorp was bought by Rede D’Or, in November 2019, its shares have been melting at B3. They reached R$ 5.48, on November 14 – a historical drop of 82% (since the company went public) and accumulated only in this period. This Wednesday (23), there was an improvement and the shares were being traded at R$ 6.18.

Qualicorp’s client portfolio also followed this collapse – it fell from 1.3 million members, in the third quarter of 2019, to 1 million, in the same period of this year. In the second quarter alone, customer flight totaled 75,000 policyholders.

The company believes that these results reflect the impasse at the ANS and the movement of hospitals, such as Sírio Libanês and Albert Einstein, which appealed to Cade against the decision, even after approval by the competition body.

To protect health plan policyholders, ANS issued a resolution that prevents administrators (such as Qualicorp and Sulamérica) from having their own network, accredited or referenced for medical, hospital or dental services.

The agency’s resolution also encompasses health plans. This is to avoid preference to the own network.

Based on this rule, the ANS issued an opinion against the merger. Rede D’Or appealed. And the case continues, keeping Qualicorp under pressure in the market.

Julio Wiziack (interim) with Paulo Ricardo Martins and Diego Felix