Negotiation between Smiles and Goal on incorporation may take 3 months

SAO PAULO (Reuters)-negotiations between the Smiles with the Goal in a merger plan can take about three months, considering the average time of similar operations in recent years in Brazil, according to an Executive of the programmes administrator fidelity. "This operation has its own characteristics, but we have seen that time period as possible parameter", told Reuters the Chief financial and investor relations officer of Smiles, Marcos Pinheiro. Earlier on Wednesday, the Smiles announced the composition of a Committee that will be responsible for negotiating the terms of a merger of the company by Gol. The Committee is formed by Ana Novaes and José Luiz Osorio, former directors of the Brazilian Securities Commission (CVM), and José Monforte, former President of the Brazilian Institute of corporate governance (IBGC). On Thursday, shareholders of Smiles come together in extraordinary meeting to vote on the proposal to reform the statutes which, if passed, paving the way for the desired restructuring by Gol. According to Pinheiro, the goal of the Committee is to defend fair for shareholders of Smiles in the negotiation with the Goal, which holds 52,7% shares of the company. The Board of Directors of Smiles, however, is not required to the Chancellor. The plan announced by the airline last month is part of a broader corporate restructuring designed to bring the group to new market of B3. The plan was highly criticized by minority shareholders of Smiles, as it indicates that they should receive shares of Gol's voting less comprehensive than what you currently have. The action of Smiles fell almost 40% on the trading floor after the announcement, making the company lose about 2.5 billion dollars in market value. The SEC filed a lawsuit to examine the restructuring. At 14:25, the action of 0.36 percent at cedia Smileys B3, listed the real 42.10, while the role of Goal had 0,58% high. At the same time, the Ibovespa retreated 0,3%.