Minority of Hi (BOV: OIBR4) call attention to CVM
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The Securities and Exchange Commission today received a query from minority shareholders of Hi (OIBR4) contends that the body manifests itself on some points they considered questionable in recent operation between the Brazilian company and Portugal Telecom.
This agreement involves injection of capital by the Portuguese in the Hi group and at the end, comes a new company. For the minority, the transaction has the main purpose to end the debt controllers Hi, without the company listed on the stock exchange, has any benefit directly with some steps of the transaction.
The operation can be divided into three parts: the Portugal Telecom will be left with U.S. $ 4.5 billion in debentures issued by AG and LF, which will be convertible into shares of such vehicles and exchangeable for preferred roles of Oi
In a second step, there will be an increase in capital Hi, partly in cash, partly in assets that will be contributed by Portugal Telecom.
Finally, the third phase a new company, which will incorporate the actions of Hi and Portugal Telecom, after a series of corporate simplifications will be created.
At the end of the three cases, according to the agreement announced by the companies, Portugal Telecom will have a stake of at least 36.7% and at most 39.6% of the new company. If the slice stay out of this range, the operation is canceled.
The union operation between the companies will bring estimated at U.S. $ 5.5 billion synergy. The questioning is consistent, according to the minority, because the driver could not use shares of a public company controlled as an instrument of self-financing, which could be classified, say, as an abuse of power control.
