trending Market Intelligence /marketintelligence/en/news-insights/trending/WDhPi7Cdrp6SsvwS1p4ioQ2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

After 2 rejected offers, BM&FBOVESPA and Cetip strike a deal

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go


After 2 rejected offers, BM&FBOVESPA and Cetip strike a deal

Confirmingearlier reports,BM&FBOVESPA SA saidApril 8 that it reached a cash-and-stock merger deal with Cetip SA to create a Latin American trading market powerhouse.

Under the terms of the deal, Cetip shareholders will receive30.75 Brazilian reais in cash and 0.8991 of a BM&FBOVESPA share for each Cetip share held. Based on BM&FBOVESPA's April 8 closingprice of 15.90 reais, thedeal values each Cetip share at about 45 reais apiece. The companies noted thatthe cash portion of the deal is subject to adjustment based on any changes in theCDI interbank rate between April 8 and the closing of the deal.

Followingthe transaction, Cetip shareholders will end up owning about 11.8% of BM&FBOVESPA'sequity capital.

In astatement, the companies said that the "combination of talent and strengthswill represent an unparalleled milestone in the development of the Brazilian financialand capital markets, giving rise to a world-class market infrastructure companyof high systemic importance and prepared to compete in an increasingly sophisticatedand challenging global marketplace while enhancing the security, solidity and efficiencyof the Brazilian market."

The dealcomes after two prior failed attempts by BM&FBOVESPA to acquire Cetip. In 2015, BM&FBOVESPA putforward an unsolicited offer that valued Cetip at 39 reais per share, but Cetip'sboard rejected the offer,saying that it undervalued the company's business, assets, market position, andgrowth and profitability prospects.

BM&FBOVESPAcame back in February with a new offervaluing the company at 41 reais per share. And while Cetip again that offer, it did agree to signa confidentiality agreement to continue negotiations for a proposed deal.

As of April 7, US$1 was equivalentto about 3.70 Brazilian reais.