The Brazil Securities Commission (CVM), through its Superintendence of Securities Registration (SRE), has ordered Trustee DTVM Ltda. to carry out a public tender offer (OPA) for increased ownership participation after acquisitions in Ambipar Participações e Empreendimentos S.A. were found to have exceeded the one-third threshold of shares in circulation. CVM’s technical area found that Trustee, acting on behalf of investment funds it manages, acted in concert with Ambipar’s controlling shareholder in share purchases made between July and August 2024. Following a purchase carried out by Trustee on 12 July 2024, the combined acquisitions exceeded the one-third limit set out in Article 30 of CVM Resolution 85. The OPA must cover all shares in circulation, and the offer registration request must be filed with CVM within 30 days, ending on 21 April 2025. The determination by the technical area is subject to appeal under CVM Resolution 46.
Brazil Securities Commission (CVM) 2025-03-20
Brazil Securities Commission orders Trustee DTVM to launch mandatory tender offer after Ambipar stake crosses one-third free float threshold
The Brazil Securities Commission (CVM) has mandated Trustee DTVM Ltda. to initiate a public tender offer after its acquisitions in Ambipar Participações e Empreendimentos S.A. surpassed the one-third share threshold. The CVM found that Trustee, managing investment funds, acted in concert with Ambipar's controlling shareholder, breaching Article 30 of CVM Resolution 85. The offer must include all shares in circulation, with registration filed within 30 days.