October 1, 2018 / 3:17 PM / 2 months ago

Shares of Brazil's Qualicorp sink on shareholder deal

RIO DE JANEIRO, Oct 1 (Reuters) - Shares in Brazilian healthcare insurer Qualicorp SA plunged 22 percent on Monday after the company said it had agreed to pay its founder and biggest shareholder 150 million reais ($37.22 million) in return for a pledge not to sell his shares or compete with it.

The deal, which was approved by Qualicorp’s board, bars Jose Seripieri Filhohim from selling 13.6 million shares for six years, as well as from poaching the company’s employees.

“As the decision was made by the board of directors without broader participation of minority shareholders, the agreement could be seen as negative by them and the market,” Bradesco said in a client note.

The bank added that the 150 million real payment represents nearly a third of Qualicorp’s current cash and financial investments. ($1 = 4.0302 reais) (Reporting by Paula Arend Laier and Alexandra Alper Editing by Marguerita Choy)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below