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Petrobras has reopened the qualification phase for those interested in buying the remaining 51% in natural gas distributor Gaspetro. According to the state company, the phase will last until May 15. The possible sale of Gaspetro should be one of the largest divestments of Petrobras in 2020. Itaú Unibanco said last night that it suspended its guidance (projection) for 2020. The bank made the decision because it believes that the visibility of the impacts of the crisis caused by the coronavirus .
According to Estadão’s Coladão do Broad, Tim and Vivo’s offer for Oi Móvel should be launched in 2-3 months. The companies have been working through the quarantine on steps to analyze the assets, the publication says, citing sources involved in the negotiation, who were not identified.
Oi’s mobile networks are worth around R $ 15 billion, the column says, citing calculations by market analysts. About 60% to 70% of Oi Móvel’s assets will remain with TIM, according to the previous agreement between the companies. The unequal division will be necessary to prevent market leader Telefônica (owner of the Vivo brand) from further distancing itself from competitors and preventing Cade from making the purchase.
Oi will only be able to close a deal after taking the matter to a general meeting of creditors, which should take place in the second half. The sale of the mobile part changes the structure of Oi and the terms of the
recovery plan approved by creditors. The companies did not comment, according to the column.
Petrobras reopened the analysis and qualification phase for potential buyers of 51% that has a stake in Gaspetro. According to the state company, the advance of the offer will be available until May 15. Gaspetro is a Petrobras holding company that has a stake in 20 natural gas distributors in the Brazilian states. In 2015, Petrobras sold 49% of its stake, for R $ 1.93 billion, to Japan’s Mitsui. The Gaspetro sale should be the largest divestment of the state company in 2020. Petrobras’ objective is to abandon the natural gas distribution market.
Itaú Unibanco (ITUB4)
Itaú Unibanco, the largest Brazilian private bank, suspended its orientation for 2020 (yesterday). The bank took the action after revealing its balance sheet for the first quarter of this year, in which it reported a 43% drop in recurring net income, to R $ 3.9 billion. According to Itaú, the “decision to suspend the projections comes from the low visibility of the scope and depth of the effects of the current crisis caused by the Covid-19 pandemic. Management understands that it is prudent not to reveal new projections at this time” says an extract from the bank statement.
Bradesco BBI noted that Itaú Unibanco increased its provisions by 143% in the period, above BBI’s own expectations (135%). Total provisions were R $ 10 billion, of which R $ 7.3 billion for NPL loans. BBI defined Itaú’s decision as “conservative and welcome”, indicating that the bank expects more difficult times ahead. On the other hand, the strong increase in provisions compressed Itaú’s recurring net income, which fell 43% to R $ 3.9 billion in the quarter.
“The drop in earnings can be explained by the higher cost of risk,” BBI evaluates. The bank reduced its projection of net profits for Itaú this year by 16% to R $ 16.6 billion. “We maintain our recommendation of ‘superior performance’, above the market average, because we see Itaú Unibanco well prepared to face this challenging scenario,” says BBI. However, the target price for the ITUB4 share decreased from R $ 35.00 to R $ 31.00 in 2020. The new target price still represents a 42% increase over the R $ 21.89 in the document yesterday at B3 BBI emphasized that, in its projection, Itaú should only return to profitability levels of pre-crisis coronaviruses in early 2021.
Credit Suisse, on the other hand, evaluated Itaú Unibanco’s results as “marginally negative.” The Swiss bank estimates that Itaú, having practically doubled its provisions against defaults to R $ 10 billion in the quarter, is better equipped to face the coming quarters.
“It is worth mentioning that Itaú Unibanco performed better than Bradesco in terms of asset quality, and its provisions for the Covid-19 impacts were higher than those of its peers, probably due to its stronger capital base” , highlights Credit Suisse. The bank maintains ITUB4 shares as its favorites for the banking sector in the country, “due to its strong defensive position.”
B2W (BTOW3) and BR Distribuidora (BRDT3)
E-commerce company B2W has partnered with BR Distribuidora’s convenience store chain, BR Mania, which will allow 1,300 Petrobras-based distributor stores to participate in its market platform. According to B2W, customers of BR Mania stores will be able to buy products through their platforms. Both stores and customers will have product delivery services.
Embraer reported that it has been evaluating possible financing, including from the BNDES, without defining, at this time, how much to a specific operation, he said in a statement to the market.
Elektro (EKTR3)
The energy concessionaire Elektro Redes, a Neoenergia subsidiary operating in the interior of São Paulo, yesterday announced the issuance of R $ 260 million of simple and non-convertible bonds. According to Elektro, the funds will be used for working capital. 260 thousand obligations will be issued, each for an amount of R $ 1 thousand. Elektro will remunerate bondholders with interest based on the DI rate, plus a premium of 1.90% per year. The company provides in the contract the possibility of exchanging the obligations in advance as of May 5, 2021.
The court ruled that JBS operations at Passo Fundo on May 7 can resume after documents and evidence presented by the company demonstrate that strict measures have been taken to protect the health of workers, the company said in a statement. .
Finally, the IRB postponed the release of data for the first quarter of 2020 to June 18.
(with Bloomberg, Agência Brasil and Agência Estado)
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