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M&A: from diagnostic to urgent Shareholders’ decision

Brasil Ferrovias was a

“state owned” company The railroad to a
which hired TabVlae’s
CEO to conduct an
successful M&A
ambitious investment
plan. The plan was 1. Creation of the super-
debunked by TABVLAE VP position and
and resulted in urgent immediate dismissal of
measures which led to a the directors’ staff.
blitz divestment process
and a shares’ sale
decision by the BNDES
and other governmental
pension funds. The
process was concluded by an Auction which ALL was the winner. The 5
months process until the successful auction was supported by a highly
2. Outsource of
detailed data book
fundamental but
which allowed BNDES
dysfunctional areas as
to issue debentures in
Accountancy, HR and
late 2006. This work
Treasury with Delloite.
was only possible
because a super-vice 3. Bankruptcy and legal
president position was battle processes
created as it was called popped during the
by the media at the time. Immediate restructure of the Board of Directors auction process.
and full control of operations were granted to TabVlae.
4. Successful support of

the Auction process.

•The largest labour litigation ever in
the Brazilian courts (clause 4.49). 5. Successful support of
• Suspicious Locomotives the future BNDES’
contracts were interrupted debentures offer.
• Wagons contracts were reviewed +gasoline+ethanol
and rescheduled consumption.
• No equity proceeds were
necessary prior the auction
• That auction generated the
highest profit of BNDES till that
date, R$ 1,4 billion