Carrefour Brasil’s proposal to exit Brazil’s stock exchange, B3, faced remote voting opposition as revealed by the map published ahead of the extraordinary general meeting. The majority of shares were against the plan, but the final outcome remained uncertain pending the upcoming vote.
Investors had already cast remote votes, with minority shareholders expressing surprise at the partial rejection levels. The company offered shareholders three options, including receiving cash or exchanging shares for Carrefour stock. The map showed a split opinion, with a simple majority required for approval or rejection of the proposal.
The total number of shareholders yet to vote could sway the outcome. Executives from investment funds were surprised by the rejection levels, attributing the increased opposition to post-sale share behavior and potential arbitrage gains. The rise in Carrefour’s share price added complexity to the decision-making process.
Carrefour faced pressure amid a rally in retail stocks before the meeting, potentially influencing the outcome. An arbitrage attempt between Carrefour shares in Brazil and France emerged as investors sought to profit from market discrepancies, possibly tilting the vote in favor of the exit from B3.
The proposal stemmed from Carrefour’s controlling shareholders’ aim to consolidate shareholding bases and integrate Brazilian operations into the French parent company. The recent exit of key shareholders, including Península Participações and Singapore’s sovereign wealth fund GIC, reshaped market dynamics and influenced the current scenario.
Market observers noted that the exit of significant shareholders and the subsequent rise in Carrefour’s stock price played a pivotal role in shaping the current situation. The increased free float and the support expressed by key investors added layers of complexity to the decision-making process.
As the deadline for the vote approached, the market awaited the final outcome, with potential arbitrage gains and market dynamics playing a crucial role in determining Carrefour’s fate on B3. The final decision would not only impact the company’s future but also reflect the evolving landscape of Brazilian stock markets.
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