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Low interest rates and new shareholders transform Kepler Weber

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As it is about to turn 95, farm silo manufacturer Kepler Weber has gotten a makeover. Longtime shareholder Previ, pension fund of Banco do Brasil, has sold its stake in the company after more than two decades. The market expects Banco do Brasil's arm BB Investimentos to follow suit, opening room for private-sector investors at a moment of low interest rates in which the business of agricultural storage may finally take off.

The exit of state-related shareholders has potential to increase the liquidity of Kepler Weber shares, something that has already begun - in this beginning of 2020, trading of the company's stock has been on average R$2.4 million a day, up 70% from last year's average. It is still very little compared to the company's market capitalization of R$800 million.

Among buyers, investment firm Tarpon stood out. The firm, which had amassed a 5% stake in Kepler Weber back in 2018, increased its bet throughout last year and was the biggest buyer of the 17.5% stake that belonged to Previ. In early January, Tarpon reached a 25% stake, becoming the largest shareholder. Its strategy is likely to give it seats on the board of Kepler. Tarpon declined to comment.

Kepler Weber CEO Piero Abbondi, who has been at the helm for one year and a half, met Valor at the São Paulo headquarters, but spoke little of the shareholding changes. "It is reason for pride to have leading investors [like Tarpon]," he said.

He was also cautious when speaking of the possible sale of the sale held by BB Investimentos, which last week requested the suspension of the special shareholders' meeting that would elect a board member. BB Investimentos had nominated Rogério Simonetti Marinho to replace Fernando Florêncio Campos, a former BB employee who retired and resigned from the board in November. With the suspension, the meeting was rescheduled for January 24.

Mr. Abbondi said the shareholders' meeting suspension was related to "internal documentation" of the bank, but some investors saw the move as an advance reaction to the sale of shares. BB declined to comment. The state-owned bank holds 17.5% in Kepler Weber.

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