The grant announced yesterday have sought Cetip to begin "negotiations" for a possible union of the two operations. The news was well received by the market and both stocks rose strong. Shares in Bovespa soared 8.77% and the Cetip, leveraged 8.36%.
The doubt about the gain from synergies was identified as the most significant to date on the po loan credit insurance ssible merger. The first difficulty, according to an analysis of the UBS is the size difference between them. The market capitalization of the BM & FBovespa is nearly R $ 21 billion. Cetip is already valued at R $ 9 billion.
Banks
According to ERDesk, CVM probably will not oppose the deal. "The antitrust will only contest if banks are opposed. There are several banks that are repre loan credit insurance sented on the board of BM & FBovespa. This is the biggest obstacle. They will probably ask, "what is the benefit of the merger to my bank," explains Diego Perfumo analyst.
The BM & FBovespa also need to offer some additional benefits and perhaps even discounts on tariffs for banks to accept the agreement. "The grant would also need to divest the business car records of Cetip, GRV, to stay more focused on developing the Brazilian capital market," he points out.
