Vale não deve ter mudanças em estratégia com entrada da Cosan, avaliam bancos
A Vale não deve ter alterações em sua estratégia de negócios com a entrada da Cosan como acionista relevante, avaliam o J.P. Morgan e o Itaú BBA.Para o J.P. Morgan, a empresa pode trazer uma expertise de bons resultados em investimentos, mas a falta de experiência em mineração limita o impacto.Leia mais:Análise: Entrada da Cosan na Vale passa hoje pelo crivo do mercadoCosan divulga detalhes de operação de ‘collar’ na compra de ações da ValeCom os pés na Vale, Cosan eleva a aposta na mineraçãoOperação da Cosan com ações da Vale foi ousada e faz sentido estratégico, diz Neelix Consulting & MetalsAnálise: Acionistas da Vale veem complementariedade com Cosan, mas existem riscosOs analistas do banco americano, liderados por Lucas Ferreira, escrevem que historicamente a Cosan é uma boa alocadora de capital, mas que a maior parte dos seus investimentos são em empresas com sinergias claras ou que possam contribuir para sua reestruturação, o que não é o caso da Vale."Neste sentido, a aquisição da participação nos parece até o momento como um investimento financeiro e de valor, com a Cosan vendo potencial de alta nas ações da Vale", comentam. A empresa deve indicar um conselheiro para o colegiado da mineradora.Os especialistas do banco americano apontam que a estrutura da operação limita impactos na alavancagem da Cosan, que já é elevada, mas sua dívida bruta aumenta por conta dos empréstimos-ponte realizados com bancos para financiar a operação, que são compensados pelos "collars" que deixam os ativos sempre prontos para serem vendidos.O impacto na Vale da aquisição de participação que a Cosan anunciou na última sexta-feira é limitada no curto prazo, diz o Itaú BBA. O banco não espera alterações na estratégia da mineradora.Já os analistas do Itaú BBA, liderados por Daniel Sasson, escrevem que investidores podem enxergar com bons olhos a entrada de um acionista de referência com expertise em planejamento estratégico, mas que a Cosan não tem experiência em mineração."Suas contribuições em potencial para a Vale precisarão ser provadas", comentam. Em teleconferência, a Cosan disse que enxerga...
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