Best corporate for shareholder transparency

Jul 1, 2014

Ultrapar’s merger with Extrafarma last year showed it is still exceptionally good at communicating with investors

Ultrapar remains an exemplary firm in the realm of corporate governance and transparency. Its acquisition of Extrafarma last year is an interesting case in point, receiving almost unanimous approval from shareholders representing 75% of the company’s capital, at a time when minority investors are increasingly objecting to M&A transactions in Brazil.

Speaking to LatinFinance in June, Ultrapar’s chief financial officer and head of investor relations, André Covre, says Extrafarma afforded Ultrapar an entry into pharmacies, a rapidly growing and consolidating market. The ability to piggyback on Ultrapar’s fuel retail outlets was going to further help Extrafarma to grow as a business, says Covre.

But making sure it was the right transaction for the company, and on the right terms, was the first step...

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