Concessions may have up to US$ 5,2 billion of banks and funds

Caixa Econômica Federal, BB Banco de Investimento, BNDESpar, arm of participations of BNDS, and the pension funds Funcef, of Caixa’s employees, and Petros (of Petrobras), want to associate to the auction winners for the concession of highways and railways within the Logistics Investment Program, according to document published last Tuesday by the National Land Transport Agency (ANTT).

Together, these institutions may invest up to US$ 5,2 billion in the concession program, according to the document, and hold up to 49% of the capital stock of Special Purpose Companies (SPCs) that remain with the concessions.

The return-target accepted by the institutions in these projects is of IPCA more 8.5 % per year. Another condition provided by them in order to participate refers to the governance.

The institutions ask, for example, that the future concessions have an adherent level of governance, at least to the rules of BM&FBovespa New Market.
ANTT published yet a second document with the particular conditions of BNDESpar, including one of a minimal allocation of US$ 43,5 million.

In addition, the minimal share of BNDESpar will be of up to 20 % of the SPE capital. If the institution associates with a business controlling holding, it will have a share equivalent to 30% of the holding allocation in the SPE. BNDESpar will choose the lowest value among both, clarified the bank’s press office.

Searching for investors

The first auctions of the highway program is scheduled for September 18th. Sections of BR-262 (State of Espírito Santo/Minas Gerais) and of BR-050 (State of Goiás/Mato Grosso) will be bid. Between the companies that have showed interest is this dispute is Ecorodovias.

The funds of pension and state-owned banks in the projects may help searching for investors for highways and, mainly, for railways.

The first railway auction, of the Açailândia-Barcarena section, is expected to take place in October 18th, but at the government it is already expected that the bid suffers a delay of at least 15 days.

The government has searched for investors for the railways and, in the last few weeks, has prospected major companies of agribusiness and foreign investors. On Monday, the Minister of Transportation, César Borges, received executive men from the Chinese CRCC, which, according to the Ministry, manifested interest in Brazilian railway concessions.