Latest news with #NelsonTanure
Reuters
23-05-2025
- Business
- Reuters
Brazil's Novonor confirms Tanure's offer for controlling stake in Braskem
SAO PAULO, May 23 (Reuters) - Brazilian businessman Nelson Tanure has made an offer to acquire a controlling stake in Braskem ( opens new tab, a securities filing showed on Friday, confirming local media and Reuters reports that cited sources earlier in the day. The tycoon is looking to acquire conglomerate Novonor's ( stake in Braskem for an undisclosed value, according to the filing released by the petrochemical firm, which cited a letter it received from Novonor. Tanure and Novonor signed an exclusivity agreement to discuss the terms and conditions of the proposal, the filing added.
Reuters
30-03-2025
- Business
- Reuters
Key investor wants Brazil's GPA to elect new board of directors
SAO PAULO, March 30 (Reuters) - Saint German, an investment fund controlled by Brazilian investor Nelson Tanure, requested on Sunday that retail chain Grupo Pao de Açucar ( opens new tab, in which the fund owns around 9% of shares, convene an extraordinary general meeting to remove the current board of directors and elect new members appointed by Tanure. The plan involves establishing a nine-member board with a unified two-year mandate, including three representatives appointed by Tanure, according to an official filing. Last year, Tanure acquired enough GPA shares on the market to become its second biggest individual shareholder. He was also considering purchasing additional securities from French group Casino, GPA's biggest shareholder with a 22.5% stake. An initial expression of interest by Tanure's representatives was then conveyed to Casino, which in the past controlled GPA. But so far no agreement has been announced. In a statement to Reuters, Tanure, who is known for investing in companies facing restructuring processes, said he wants to reduce GPA's indebtedness through several strategies, including selling non-core assets, evaluating and prioritizing investments, and optimizing its cash flow. GPA's net debt stood at 1.3 billion reais ($230 million) in the final quarter of 2024. "Focusing on a solid balance sheet will allow the company to have more flexibility in its operations and greater growth capacity," he said in the statement. Tanure is also proposing the group works to identify potential fiscal, legal and labor risks at GPA. "The idea is not only mitigating risks, but creating an environment of transparency and trust with shareholders and the market," he said. Tanure plans to nominate Pedro de Moraes Borba, Rodrigo Tostes Solon de Pontes, and Sebastian Dario Los to the retailer's new board. Both Borba and Pontes are high-ranked executives at companies in which Tanure has a stake, while Dario Los has extensive experience working in the retail sector. According to GPA's website, the retail chain operates about 700 stores, primarily in the state of Sao Paulo, in addition to e-commerce services.
