GPA shares (PCAR3) record a shot of about 20% at Wednesday’s session (2), after already fired on Monday. At 1:45 pm (Brasília time), the actives PCAR3 jumped 22.44%, to R $ 3.71, accelerating the gains in the afternoon.
The movement occurs after the retailer’s announcement that the proposals to dismiss the current board of directors of the GPA and elect new members, presented by the Saint German Investment Fund, controlled by investor Nelson Tanure, received support from shareholders Casino Guichard-Perrachon and Ronaldo Iabrudi dos Santos Pereira.
The GPA, owner of the Pão de Açúcar supermarket chain, said it received letters from both shareholders expressing “its support for the request for convening an extraordinary general meeting of the company and the proposals submitted by Saint German Multimard Financial Investment Fund”, according to the relevant fact to the market.
The casino is an indirect controller of 22.5% of the shares issued by the company, while Ronaldo Iabrudi dos Santos Pereira holds about 5.50% of the GPA capital, according to letters attached to the relevant fact.
In a report at the beginning of the week, JPMorgan pointed out that this movement could lead to a change in control, considering that the Casino group has already stated that its participation in the GPA is on sale, while news suggests that Tanure was seeking to buy it.
Analysts also point to a Short Squeezewhich is a movement in the stock market where the price of an stock increases rapidly due to high demand for it. This happens when investors who have sold the discovered (shorts) need to buy shares to close their positions.
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(with Reuters)
