BTG Reacts to Money move and Shows Claws to Eneva
The battle for the soul (and future) of Eneva begins to rage. Shortly after four major shareholders of the company show their bias, BTG Pactual strengthens its position in the company. Eneva said last night that an investment vehicle held by BTG Partners hit 5.05%. The car – Partners Alpha Investments LLC – already owns 2% of the company.
The sequence of events suggests that André Esteves decided to increase the stake after Cambuhy (Eneva’s second individual shareholder) signed a “royalty agreement” with Dynamo, Atmos and Velt which creates a sign of rights and withdraws the responsibilities between the four.
The three directors have had a shareholders’ agreement since 2020. Now, by adding a direct participation of BTG in Partners Alpha, the bank now has a voting right of 27% of Eneva’s share capital – approaching the informal block formed by the four other shareholders, who hold approximately 36%.
The move comes 24 hours after the three directors sent a letter to Eneva’s board proposing changes to the bylaws with the stated aim of improving governance.
One proposal is the requirement for a quorum (two-thirds of the board) to approve transactions with related parties or between the company and shareholders who have an interest greater than 10%, among other expected situations.
The fundamental difference between BTG and Cambuhy stems from the bank’s desire to make Eneva an acquisition vehicle in the energy sector.