Saiba tudo sobre a cisão entre Itaú e XP Investimentos

Entenda a cisão entre Itaú e XP Investimentos

[{"selector":"#anim-4cb4156b-98cf-42c0-90ba-74372b475ada","keyframes":[{"offset":0,"transform":"translate3d(0, -473.98588%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.29,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.45,"transform":"translate3d(0, -133.284829456%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.61,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.71,"transform":"translate3d(0, -45.313050128%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.8,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.85,"transform":"translate3d(0, -17.016093092000002%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.92,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.96,"transform":"translate3d(0, -7.394179728%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":1,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"}],"delay":0,"duration":1600,"fill":"both"}] [{"selector":"#anim-19a87dc7-7825-4b30-b12d-f7468ec04207","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-982cdf28-446e-4e48-a70a-c6bb0334df85","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f73008b7-a8ea-4585-a103-b035413e5f34 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-53.619384686560764%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":5000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] .

A cisão entre Itaú Unibanco e XP Investimentos aconteceu no dia 1º de outubro. Agora os acionistas do banco detêm BDRs da XP

[{"selector":"#anim-81abf439-a4a1-4815-8d07-ee351fd36f68","keyframes":{"transform":["translate3d(120.52980%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d489363b-d5a7-47c5-9b07-fce2a97510d5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.179687404002955%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":5000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Repórter: Poliana Santos

Mas para entender a operação é necessário retomar alguns capítulos da história

[{"selector":"#anim-f8dc1352-833a-407d-aadb-3ed15982e5d0","keyframes":{"transform":["translate3d(118.21193%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-25d425fe-2f1e-494e-85e2-544e9451ed60 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(20.507812372003944%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":5000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Em 2017, o Itaú anunciou ao mercado a intenção de adquirir o controle da XP em três etapas. A primeira compra foi de 49,9%, em 2018

[{"selector":"#anim-896cb287-5f97-460d-a326-2d5bbafc6884","keyframes":{"transform":["translate3d(128.51711%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-99d247ac-ba83-4702-a91c-ef4b895e87b4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(24.115210730284605%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":5000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Já a segunda aconteceu este ano, quando o banco comprou 12,5% da corretora.

[{"selector":"#anim-6864d577-d3e8-4bb6-ac88-b5855206798f","keyframes":{"transform":["translate3d(127.59856%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0a842387-cc6d-46b3-b630-e48d35cf4d58 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.29969869991191%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":5000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

A participação de 49,9% foi diluída para 46% após o IPO da XP em 2019. Já em dezembro de 2020, o Itaú vendeu mais, ficando com 41%

[{"selector":"#anim-9a214b4a-1387-4125-9caf-058228ac97a3","keyframes":{"transform":["translate3d(122.37762%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c9e56d34-4f75-4903-882d-e30b4c7410c0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Em novembro do ano passado, o CEO do Itaú, Candido Bracher, disse que a venda dos ativos da XP foi para destravar valor

[{"selector":"#anim-d2242025-f137-4fb4-b7be-2aad07413828","keyframes":{"transform":["translate3d(0px, 120.35742%, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a597a47d-ed24-4afd-aede-f7bf19753772 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

“Originalmente o nosso plano era adquirir o controle da XP, mas esse plano foi vetado pelo BC. Dessa forma, nossa participação virou um investimento financeiro ao invés de um ativo estratégico (...) concluímos que seria de maior interesse dos nossos acionistas transferir esses ativos diretamente para eles”, disse Bracher

[{"selector":"#anim-42f1339c-61ad-4e66-9049-3397c0e50ed4","keyframes":{"transform":["translate3d(122.37762%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d87e5ae9-17ea-4e45-a3c5-545e1f46d898 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Na análise do banco, a XP permanece um ativo atraente, mas não está 100% precificado no valuation

[{"selector":"#anim-520a5e99-9deb-420c-8ed1-de51c220f5b0","keyframes":{"transform":["translate3d(122.02797%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-22c92355-e308-48ba-b0dc-48faf2f92fc3 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-38.140060168998204%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

A solução foi deixar os acionistas decidirem o que queriam fazer com esses ativos

[{"selector":"#anim-618143d2-2d83-4cf1-b8f6-f19e701155e9","keyframes":{"transform":["translate3d(122.37762%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ff915ff9-83bb-4147-8a0e-daa03f15a02d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-34.1867468919976%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Com isso, as ações foram segregadas em uma companhia chamada XPart, que foi incorporada pela XP

[{"selector":"#anim-d89587f7-f4b2-49ea-9e6b-c54e62ef6262","keyframes":{"transform":["translate3d(119.23076%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-74bd5d3f-4d7c-4967-a74c-f262575eaa22 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-35.937499914669296%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Sendo assim, os 500 mil acionistas do Itaú passaram a deter BDRs da XP. A Itaúsa, holding que detém cerca de 37% do banco, levou uma fatia de 15%

[{"selector":"#anim-15e87c4d-d877-4a38-b151-564f72365a29","keyframes":{"transform":["translate3d(122.37762%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c3ec5a25-3856-451e-8440-02f0e61a9fbf [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-10.370463592691776%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

A relação de troca final foi de 43,3 ações de emissão da XPart para uma ação classe A ou um BDR lastreado por ações classe A emitidas pela XP

[{"selector":"#anim-a7ac82d3-472a-4289-ba27-36f368a0e9da","keyframes":{"transform":["translate3d(122.37762%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d3f76064-c96b-4789-be9e-438e111dd37e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-34.179687404002955%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

O Itaú ainda tem o compromisso de comprar mais 11,3% do capital social da corretora em 2022

[{"selector":"#anim-31475282-3c95-4738-809b-dd894f744c55","keyframes":{"transform":["translate3d(115.18987%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-016bcef5-0c92-4f31-a8f3-06cf6ce7568c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-45.07812487200394%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":5000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

O Itaú declarou que faria esta compra adicional de qualquer forma, mesmo que não fosse obrigado pelo compromisso assumido anos atrás.

[{"selector":"#anim-3e545d46-e622-448c-813d-c83f4c079cc7","keyframes":{"transform":["translate3d(115.18987%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b611e043-695b-40e7-a7fb-e4f567fc8fe0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(27.499999863470876%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":5000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

Quer saber mais sobre a holding controladora do Itaú? Veja o relatório 'Vale a pena investir na Itaúsa?'

[{"selector":"#anim-ef51c93e-04b7-4483-8ee0-6a533f1a64ee","keyframes":{"opacity":[0,1]},"delay":300,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ff53856f-4b40-4e85-b6ae-0d0cd9401155","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fb32678c-f424-4958-8e31-7359f1d3c436 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":5000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Arrasta para cima!