Transparência e Governança

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In this case, in which the CVM blocked the transaction, the exchange ratio was defined by the controlling shareholder with the aim of reducing the acquisition price and disadvantaging the preferential shareholders.



TIM’s migration to Novo Mercado is a good example of an operation in which the controlling shareholder did not try to increase its share to the disadvantage of the minority shareholders, but rather followed the best practices of corporate governance.



This is a classic case of conflict of interest, with unanimous decisions in favor of the minority shareholder, even if they were made way too late.


This English language website is done for the convenience of foreign readers; it is a translation of the Portuguese prepared documents, and as such may contain errors and imprecisions, please refer to the Portuguese version of this web site for any detailed reading and for the complete version. The English language website may contain less materials due to translation timing process. In addition, all attachments are public available documents, and as such, are posted in their original language.

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