Petro Rio S.A. ADR fka HRPTY

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Tanure NY and will make proposals

Tanure NY and will make proposals to takeover the Discovery on HRT , say sources
Businessman proposes Discovery or buy your part and close the capital or sell the shares it holds in for himself
Felipe Moreno
| 13:20 | 30/01/2014
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SAO PAULO - Nelson Tanure , senior partner at JG Petrochem , was this week in New York to try to negotiate an agreement with Discovery background, his partner in HRT Participações ( HRTP3 ) , said a source close to the company . The businessman wants Discovery sells the stock for him or then buy those that he himself possesses, defining who will make a public tender offer ( OPA ) to stay in control of the company . Wanted by InfoMoney portal , JG Petrochem said he would not confirm the information .

According to the source , Tanure gave two options : the first , which he prefers , is that Discovery selling his share to JG Petrochem , which would make the bid to repurchase the remaining shares in the market , as could more than 20 % - maximum threshold for shareholder can own without the need to make an offer for delisting the company , according to the statute of HRT . The second is that the Discovery itself make a tender offer for delisting - as he suspected that the U.S. would fund more than 20 % of the shares and should have done this offer. The conversation had already agreed and both shareholders have agreed to liquidate the company.

JG, who has 19.25% of HRT currently has its legal department headed by Antonio Fernando de Souza , the attorney general's office who made the complaint of the monthly allowance . The hope Tanure is that it does not have to be activated , either an amicable settlement in New York , which preferably allows you to take the company . According to the source , another investor would be part of the OPA Tanure .
Tanure tries delisting the HRT (Press / Alerj RJ ) Tanure tries delisting the HRT (Press / Alerj RJ )

About the dispute about the actual position of Discovery , CVM HRT questioned about the interest that Discovery has in its capital . In response , pointed out that the oil did not disclose relevant information on any obligation of the OPA Discovery Capital Management fact because it was not informed of this intention by the shareholder . She also pointed out that even if the fund has increased its stake erratically - as accuses JG - " only the CVM has means to identify these irregularities ."

Sale of Discovery is the most likely option
Market sources said that Discovery wants to buy assets of HRT to liquidate the company at some point - the operation would profit by the fact that the company is trading cheaper than the box itself. It is most likely that the Discovery accepted the proposal of Tanure to sell the shares , if the intention is to liquidate , a tender offer at a good price would be very difficult . The research house highlighted Empiricus in the past to purchase one share of HRT for R $ 1 was how to buy a portfolio of R $ 2 .

Maintained the analogy hardly the company's shareholders accept a sale for less than what the company has cash price. The imbroglio HRT calls attention to the likely return of Marcio Mello, the founder, the company . Speculation in the market realize that Mello would be one of the names behind the JG Petrochem , along with Nelson Tanure . Although it makes more pate board , Mello was still involved with the company and would be unable to raise its stake in the company , currently at 1 % .

He, however, pointed out publicly in an interview with Valor Economico , no longer have interest in taking over the company - but, so his absence over, buy shares of HRT . Speculation in the market indicate that Mello would be , yes , interested in resuming the company along with Nelson Tanure , his partner in the venture .
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http://www.infomoney.com.br/hrt/noticia/3169390/tanure-vai-faz-propostas-discovery-sobre-opa-hrt-dizem-fontes