Canbrás has run into an obstacle on the way to completing transfer of ownership. It was notified last week that Anatel is investigating a serious violation of contractual obligations relating to acquisitions of operators in Guarulhos and São José dos Campos (São Paulo State), both originally owned by Alusa. Canbrás had been given until Thursday, May 29, to present initial explanations but Anatel extended the deadline.
The significance of this development is not only the potential problems caused to the sale of Canbrás but also the demonstration that Anatel is keen to scrutinize past mergers and acquisitions. In the case of Canbrás and Alusa, the deal was struck in 1999. Canbrás ended up with majority holdings in the overall equity of the Guarulhos and São José dos Campos operators, but Alusa retained 51% of voting stock.