Klein and Casino can receive $ 4.8 billion

The offer of shares of Via retail, controlled Grupo Pão de Açúcar and formed the Union of Ponto Frio and Casas Bahia, must move between R $ 2.75 billion and R $ 4.88 billion, the Klein family, founder of Casas Bahia, pocketing up to $ 3.03 billion in operation. The GPA, controlled by Casino, will get up to $ 1.85 billion. The values are calculated based on the ceiling of the price range of the unit being offered, and the total amount of units (including additional and supplementary lots), informed yesterday in warning to the market.
As this is a secondary offering, the resources will go into the pockets of shareholders and will not be invested in the retailer. This will be the second biggest public offering of the year, smaller only than the BB security, based on the ads already made. The assets will be traded on the Bovespa after & BM 16 December.
The IPO should be the exit door of the Klein family of Via retail, found the value-they remain as minority partners after this offer but, a year after the operation, you're free to sell new participation, according to a shareholders ' agreement.
At the end of the day, despite the secondary offering does not occur in parallel to the primary, as usually occurs-what could be seen as a lack of confidence in the company's business-the operation was evaluated by the market as a way of solving issues involving the partners Klein and the Grupo Pão de Açúcar. There have been disagreements regarding the way to conduct business in the past.
The company decided not to make an offer primary, when the captured value is applied in the company, for understanding that has box for the short and medium term investments, showed the value. Half of the resources of the primary offer would go to acquiring new businesses and 30%, for logistics and technology, as the company had already informed the market.
With the sale of units, the GPA will reduce its shareholding in the share Via retail. If placed additional lots and further, the group will reduce its position of 52.4% of the share capital (common and preferred), to 39.6%. In common shares (with voting rights) the slice of the GPA would decrease of 68.2% to 59.8%. The definition of new participation will depend on the demand of the roles in the market, so the company considers, in its prospectus, offer different scenarios.
Via Retail sell, initially, 107.562 millions of papers and, considering the additional batches and additional, the volume can reach 145.2 million of assets. Each unit will consist of one ON and two PNs. The company indicated the price per active in the range between $ 25,60 and R $ 33,60. The final price of the launch is set on 12 December.
The GPA will be responsible for sales of more than a third of the units in the secondary offering Via retail, considering the placement of all batches. Already the Klein family (including Michael Klein and all the family investment vehicles) will have the larger volume, about 62% of the total. The group will sell to 55.125 million units and the Klein tops 90 million of the total of 145.2 million papers which will be offered.
Those figures consider the splitting of shares Via a stock Retail for four and the preferred ordinary conversion. The units will be composed by an action ON and two PN.
Was meant to be a primary offering in parallel to secondary placement of shares. But the GPA gave up on the idea, how determined the shareholders ' agreement signed between the Group and the Klein in 2010. By defined in the contract, the primary would be at least 10% of the share capital of Via retail. A primary offering would reduce the share of the Group Via retail, but the control would be maintained.
The investment capacity of the network in the coming years, which would be supplied by current box volume, explains the decision to keep only the secondary offering, according to a source. The retail industry is a business of high investments in organic expansion and with fierce competition in regional markets. Via retail is a company that is still in the process of integration of business between Casas Bahia and Ponto Frio, and despite being in phase of adjustment, the latest numbers show cash situation comfortable.