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SAO PAULO – The main highlight of the session is Localiza (RENT3) and Unidas (LCAM3), which signed a merger agreement, which could lead to a consolidated business with net income of R $ 14.8 billion. Localiza’s assets increased by 16% and United’s by more than 20%.
The IRB (IRBR3) increased 8% after the reinsurer released the July data. The company had a net loss of R $ 62.4 million in July. Without the impact of the business interrupted by the company, there would be a net profit of R $ 36 million. Gross sales were R $ 1,546 billion, an increase of 100.8% compared to July 2019, being R $ 1,015 billion in Brazil and R $ 531.6 million abroad. In Brazil, the advance was 133%.
Check out the highlights:
Localiza (RENT3) and United (LCAM3)
Localiza and United announced an agreement to combine their businesses. According to the companies, the objective is to create an actor on a global scale, obtaining synergies and efficiency gains. The consolidated company would have a fleet of 490,949 vehicles and a net income of R $ 14.8 billion, with a net income of R $ 1.18 billion and an EBITDA of R $ 3.47 billion.
Under the agreement, announced last night, Unidas shareholders will receive 0.44682380 common shares issued by Localiza to replace each of the common shares issued by Unidas that they hold. As a result, Localiza shareholders would jointly own 76.85% of the total and voting capital of the combined company, and the then United shareholders would jointly own 23.14%.
United may distribute dividends of up to R $ 425 million to its shareholders, subject to certain conditions, which will be paid within 90 days following the consummation of the share merger. The operation depends on the approval of the shareholders of the companies and the Administrative Council for Economic Defense (Cade).
“The expectation is that, combined, the ‘new Localiza’ will have the potential to deliver an Ebitda (metric of potential generation of operating cash) higher than R $ 3 billion and a fleet of more than 470 thousand vehicles. Given that geographic dispersion and scale are very important in this sector, the new Localiza will be able to further strengthen its current competitive differentials ”, assess the Levante analysts.
Petrobras readjusted the price of gasoline sold in refineries to distributors by 4%; the price goes from today. The diesel was not reset. According to the latest weekly survey made available by the National Petroleum, Natural Gas and Biofuels Agency (ANP), between August 16 and 22, the average price of common gasoline in the country was, in the week surveyed, R $ 4,268.
Still on the company’s radar, Petrobras said that a time has not been defined to launch the secondary public offering for the sale of the remaining portion of BR Distribuidora, which depends, among other factors, on market conditions and price, according to a statement to the market. The company also said that the operation is also dependent on additional approvals from internal company bodies, CVM and regulatory bodies.
In addition, the tables of the Federal Senate and the Chamber of Deputies reinforced on Tuesday to the Federal Supreme Court (STF) the request that the ministers prevent the negotiation of eight Petrobras refineries until the privatization program of these units passes through the screening Congress. . The first complaint from the parliamentarians was filed in July.
This Monday, the tables advanced a little more, with the request to the state company to suspend the analysis of the proposals presented for the purchase of the Landulpho Alves Refinery (Rlam), in Bahia, and the Presidente Getúlio Vargas Refinery (Repar), in Paraná, until the Supreme Court rules on the case.
The sum of the complaint filed by the Senate and Chamber offices was an immediate response to the decision of the president of the STF, Minister Luiz Fux, to postpone the sentence on the sale of the Petrobras refineries, until then scheduled to conclude next Friday . 25.
Three ministers had spoken in favor of granting a court order to suspend the privatizations until Congress decides on them. But, by prominent request, Minister Fux removed the action from the virtual trial and there is still no set date for it to resume.
The IRB had a net loss of R $ 62.4 million in July. Without the impact of the business interrupted by the company, there would be a net profit of R $ 36 million. Gross sales were R $ 1,546 billion, an increase of 100.8% compared to July 2019, of which R $ 1,015 billion in Brazil and R $ 531.6 million abroad. In Brazil, the advance was 133%. Abroad, the increase was 58.8%. According to the company, the growth in July 2020 is the result of the renewal, with growth in coverage, of a contract in the oil segment issued in the month.
The premium accrued totaled R $ 657.6 million, while the claims expense was R $ 638.3 million, with a loss ratio of 97.1% in July. In the first half of 2020, the accident rate was 108%.
Furthermore, the rate of external expenses (mainly commissions) was 20.7%. Internal expenses (administrative expenses) were 3.4%. The Financial and Equity Results Index reached 10% of revenues in July. The technical result was negative by R $ 137.6 million, due to the high volume of discontinued business of R $ 160.8 million.
According to Credit Suisse, IRB data shows sequential improvement, although continued operations will continue to weigh on results for a long time to come.
This Wednesday, JBS launched the Juntos pela Amazônia program, which provides for the creation of a fund of R $ 1 billion for investments in the sustainable development of the biome, with contributions from the company that can reach up to half of this total in up to ten years.
The launch of the JBS Fund by the Amazon is just one of the pillars of a larger business plan that includes actions against climate change, which also includes internal movements to ensure that all livestock suppliers, including indirect ones, work in compliance with environmental laws. and within the best sustainability practices.
Similar to what Panvel already uses in the Porto Alegre region, the company will open a small distribution center of around 1,500 square meters in the Perdizes neighborhood, in São Paulo. The outlook is for it to start operations in December and be fully operational in January. This distribution center will streamline the delivery of purchases made through digital channels.
According to Bradesco BBI, due to the need for distribution centers or even pharmacies to be close to the consumer to allow fast delivery of the product through the digital channel, the news of the opening of a small distribution center in São Paulo seems positive. “In this sense, although Panvel still has a limited presence in the São Paulo region, this movement should help the company to strengthen its digital channel, which today is a benchmark in the pharmacy retail segment,” the analysts say. they reiterate the recommendation. superior performance and target price of R $ 39.00.
rock
Stone will issue BDRs in B3 to be used as part of the payment to Linx shareholders, according to a statement sent to the SEC, the US capital markets regulator. Despite being a Brazilian company, Stone is listed on Nasdaq, which would complicate life for several Linx shareholders, according to Exame magazine. The BDR may facilitate access for these investors.
Banco do Brasil made it official that André Guilherme Brandão will occupy the position of president of the bank. Brandão has been in the financial market for 34 years, having worked at HSBC for more than 20 years in different roles.
According to Valor Econômico, another study was conducted on the price-elasticity effect of a new tax on sugary non-alcoholic beverages, a category that includes soft drinks, canned juices, isotonic and milk and chocolate-based drinks.
Coordinated by the economist Cláudio Lucinda and carried out by the Economic Research Institute Foundation (Fipe) at the request of ACT Health Promotion, the study concluded that a 20% tax on the category would generate an additional tax income of R $ 4.7 billion per year and an increase of R $ 2.4 billion to GDP, in 2018 values. Such a 20% tax would occur through a Contribution of Intervention in the Economic Domain (Cide) and could imply a variation in the amount and value consumed of, respectively, -20% and -21%; if the tax were 35%, these amounts would be updated to -35% and -37%
“We understand that, for now, it is about the dissemination of a new study, without direct effects in terms of public policy. Even so, to the extent that the idea converges with the ‘sugar tax’ already mentioned by Minister Paulo Guedes, we will continue to monitor the situation, as Ambev’s Brazilian non-alcoholic beverages segment represents around 7% of EBITDA of the company ”, evaluates the Inversiones XP.
Cemig approved the payment of interest on equity of R $ 120 million, corresponding to R $ 0.07904259285 per share. Shareholders holding shares will be entitled on September 25, 2020. The amount will be paid in two equal installments. The first will be paid on June 30, 2021 and the second on December 30, 2021. The shares will be traded without rights on September 28.
Weg approved an interest on equity of R $ 72.310 million, corresponding to R $ 0.034470588 per share. The shareholders will be entitled on September 25, 2020. The shares will be traded without interest from September 28 onwards. It will take place on March 10, 2021.
The conflict between Embraer and the São José dos Campos Metalworkers Union over the dismissal of hundreds of employees had another chapter on Tuesday. The Regional Labor Court (TRT) of the XV Region proposed, in a conciliation hearing, the annulment of 502 dismissals carried out by Embraer and the adoption of dismissals (temporary suspension of the contract) as a way of preserving employment. The number of workers refers to those represented by the metalworkers unions in São José dos Campos and Araraquara, the category said.
The union raised its tone against the company after Embraer announced earlier this month that more than 900 workers would be laid off. The aeronautical manufacturer assures that the cuts (about 2,500 in total, considering the POS terminals) were produced by the pandemic and the failure of the agreement with the American Boeing.
The parties have been searching for a middle ground for some weeks, but to no avail. On the one hand, Embraer presented a proposal to extend the health plan and food vouchers in the amount of R $ 450 until June 2021 and reinforced the preference for rehiring as the market resumes. On the other hand, the category calls for the cancellation of layoffs.
TRT gave Embraer and the union a week to assess the matter and scheduled a new hearing for the 29th.
(With Agência Estado, Reuters and Bloomberg)
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