06/22/2024 – 12:37
The details released by the government of the State of São Paulo for the Sabesp privatization offer show that the state administration was well structured for the event, assesses Percy Soares Neto, consultant and former executive director of the National Association and Union of Private Service Concessionaires Water and Sewage Public Companies (Abcon). According to him, this perception can help attract interest from private investors.
The expectation is that the offer will generate around R$16 billion, according to the assumptions published in the transaction presentation document, released last night. The government expects to complete the operation on July 22.
“I was struck by the well-defined schedule for each stage of the operation in yesterday’s presentation. The State has organized itself well for the operation and this should certainly attract investors. But let’s wait for the presentations that Governor Tarcísio de Freitas is making in New York,” he says.
The expert highlights the mechanism that allows the reference investor who presents the best book (price and number of shares) to have the so-called “right to match”.
He remembers that the device was presented at the last minute, but says it is still too early to assess how companies will interpret it. “Who benefits from this? Who of the competitors sees the mechanism in place with the best eyes?” asks Soares.
In the assessment of the former director of the association of private companies in the sector, the privatization of Sabesp will be a milestone for the market in the area of basic sanitation in Brazil, as there are few companies in the sector with public capital and without state control.
Soares remembers that many people bought shares in sanitation companies, such as Copasa (Companhia de Saneamento de Minas Gerais), waiting for this moment of privatization of companies in the sector, hoping for an increase in shares, but with doubts as to whether the the market really knew how to price its shares.
Regarding a possible process of judicialization of the operation, Soares recalls that “we have never gone through a privatization process without judicialization. It’s part of the game. There is always recourse from the judiciary for those who did not organize themselves in time or for those who did not have time to organize themselves,” he said.
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