Regulatory Alerts2026-06-18 | 39/2Added · Updated
Order No. 39/2 of 10 August 2026 regarding preliminary requests submitted by shareholders against CNPF Letter No. 06-6/2488
The National Financial Market Commission (CNPF) rejects preliminary requests from minority shareholders of SA ASPA, ruling that the contested letter is an administrative operation rather than a final administrative act subject to cancellation. The decision affirms that the statutory limitation of voting rights to 25% for concert parties holding over 50% constitutes the exclusive legal consequence for failing to launch a mandatory takeover bid, thereby excluding the application of additional administrative coercion or fines. Consequently, the CNPF asserts it lacks the legal basis to initiate court proceedings against the controlling shareholders or impose supplementary enforcement measures beyond the existing voting restriction.
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