By Marcela Ayres
SAO PAULO Feb 7 Brazilian homebuilder Gafisa SA
is looking to spin off its Tenda division, extending
the group's divestitures after losing money for three years.
Chief Executive Duilio Calciolari plans to leave the company
after the 90-day process of establishing two separate corporate
structures, he said in a Friday securities filing.
Gafisa shares jumped as much as 7 percent in early trading
after Calciolari told Reuters in a telephone interview that the
idea behind the plan is to give investors a share in the
separately listed Tenda for each share they hold in Gafisa.
"The synergies between Tenda and Gafisa are almost nothing,
very little, with different supplier networks," he added.
The group acquired Tenda in 2008 after a drop in the
homebuilders' shares, but the unit has led to one headache after
another. After a series of costly budget overruns and canceled
contracts, Gafisa cut Tenda's new construction to zero in 2012,
from 1.6 billion reais ($670 million) in 2010.
Tenda started a modest number of new low-income projects
last year, equal to a third of new construction in Gafisa's
Gafisa has posted losses in net income for 2011, 2012 and in
the first nine months of 2013.
Analysts expressed surprise at the plans for a spinoff, but
withheld final judgment on the resulting companies.
"We think this move could unlock value, since the market
seems to be underestimating the combination of the two
businesses," wrote analyst Marcello Milman of BTG Pactual. He
added that new administrative costs could weigh heavily on
Tenda's profit as it is only beginning to resume operations.
Gafisa's head of real estate development Sandro Gamba will
take the reins from Calciolari. Rodrigo Osmo, Gafisa's chief
financial officer from May 2011 to March 2012 and former CEO of
the Alphaville unit, will become chief executive of Tenda.
Gafisa agreed in June to sell 70 percent of its high-end
Alphaville division to private equity firms Blackstone Real
Estate Advisors LP and Patria Investimentos Ltda.
If the plan to spin off Tenda is approved by shareholders
and the board, the operations should be concluded in 2015. The
group is looking to list Tenda on the Novo Mercado of the
BM&FBovespa stock exchange, reflecting higher standards of