Latest news with #Tanure
Reuters
26-05-2025
- Business
- Reuters
Petrobras wants more power to appoint Braskem board members and directors, sources say
RIO DE JANEIRO, May 26 (Reuters) - Brazil's Petrobras ( opens new tab wants to review Braskem's ( opens new tab shareholders agreement for possible changes to allow it more say in the petrochemical firm's decisions, three sources close to the matter at the state-run oil firm told Reuters. Petrobras has a 47% voting stake in the petrochemical company but has appointed four of 11 board members and one director out of seven, numbers it considers small, according to the sources. Last week, Braskem's majority stakeholder Novonor received a non-binding proposal from a fund owned by businessman Nelson Tanure to acquire control of the largest petrochemical company in Latin America. Novonor has been trying to sell its stake in Braskem for years, but has repeatedly failed to reach a deal. Petrobras' objective would be to obtain a new agreement akin to the one it got in Eletrobras, where it increased the number of seats it appoints to the board of the former state-run firm, expanding its influence. In the event of a sale, Petrobras has preference rights to buy Novonor's stake, but the sources said Petrobras has no interest in increasing its voting share. Petrobras wants instead to have a more active voice in the management and operations of the petrochemical company, regardless of who is the controlling partner, said the sources. On Monday, Petrobras CEO Magda Chambriard said Tanure's proposal is a move in the right direction. "Whatever solution that works out will have Petrobras' support," said Chambriard. Braskem and Petrobras did not immediately respond to requests for comment.
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.
