The Competition Authority (AdC) has decided not to oppose the acquisition by the three daughters and heirs of Pedro Queiroz Pereira of a majority interest in Vértice and Sodim and consequently in Semapa and Navigator.
On 15 June 2023, the Board of Directors of the Competition Authority […] decides to take a decision not to raise objections to the merger operation, […] as it is not likely to create significant barriers to effective competition in the national market or any substantial part of it,” read a note published on the AdC website.
The concentration operation in question consists of the acquisition, by the heirs and daughters of the businessman Pedro Queiroz Pereira — Filipa Mendes de Almeida de Queiroz Pereira, Mafalda Mendes de Almeida de Queiroz Pereira and Lua Mónica Mendes de Almeida de Queiroz Pereira — of a majority interest in Vértice — Gestão de Participações SGPS and Sodim SGPS, and consequently in Semapa and The Navigator Company, owned by the group Queiroz Pereira.
Queiroz Pereira’s daughters had notified the AdC of the acquisition of this majority stake on May 24, days after the Securities Market Commission (CMVM) exempted them from launching a public takeover bid (OPA) for Semapa and Navigator when the legacy of the entrepreneur was shared.
In a statement released on May 22, the market regulator stated that “in response to the request submitted and by verifying that regulatory requirements have been met, […] explained the derogation from the obligation to make a mandatory takeover bid by the applicants on the companies Semapa and Navigator, which derogation has consequences if, as a result of the division of the estate, the obligations of making a mandatory takeover bid are effectively are fulfilled”.
“The Board of Directors of the CMVM […] decided on May 19, 2023 to grant the request for a declaration of derogation from the duty to make a takeover bid, with full effect provided that the inheritance is actually shared,” he added.
This decision by the CMVM followed the request for a declaration of derogation from the obligation to make a future takeover bid for Semapa and The Navigator Company filed by the three daughters of Pedro Queiroz due to the expected division of the undivided inheritance of the businessman, who died in 2018.
“The Applicants intend to waive the obligation to launch the OPA as the dominant position they will acquire over the aforementioned public companies results from the conveyance of succession and the law sets this as a ground for derogation from that obligation,” declared to the time, the regulator.
Source: DN
