Fracasso de venda da Heringer anuvia futuro da empresa
O futuro da produtora brasileira de fertilizantes Heringer permanece altamente incerto após o colapso de última hora de uma possível venda do controle para as empresas russas Uralchem e Uralkali.
Ao apagar das luzes de 2019, a Heringer anunciou que as partes não chegaram a um consenso "não obstante terem envidado os seus melhores esforços para concluir as negociações em termos e condições aceitáveis". O Conselho Administrativo de Defesa Econômica (Cade) já havia aprovado a venda do controle da empresa brasileira dias antes.
A produtora marroquina OCP, acionista da Heringer com 10pc de participação, detém o direito de preferência em uma oferta de venda da companhia. Segundo fontes, foi a OCP que impediu que a negociação fosse adiante. A OCP também não havia aprovado o plano de recuperação no início de dezembro.
A canadense Nutrien, que possui uma participação de 9,5pc na Heringer, também tem o direito de preferência. Mas participantes do mercado disseram que a OCP impediu o acordo de avançar.
"Há algo de especial no acordo da Heringer e da OCP que nunca ficou suficientemente claro para o mercado", disse uma fonte que pediu para não ser identificada.
Não está claro agora quais opções Heringer tem. O plano de recuperação foi aprovado principalmente porque os credores acreditavam que o acordo com as empresas russas garantiria o pagamento de uma quantia significativa das dívidas da Heringer no primeiro trimestre de 2020.
No fim de setembro, os produtores russos de fertilizantes Uralkali e Uralchem concordaram em princípio em comprar 51,5pc da Heringer. Depois disso, as empresas russas comprariam os outros 48,5pc do capital votante por meio de um aumento de capital.
As empresas russas concordaram em pagar R$2/ação em uma nova emissão de ações que resultaria em um aumento de capital de até $110 milhões. Uralkali e Uralchem concordaram em subscrever qualquer uma das novas ações que não foram adquiridas por outras empresas e investiriam entre $59-115 milhões. Uralkali, o segundo maior produtor de potássio do mundo, atrás apenas da Nutrien, já fornece potássio ao Brasil. E a Uralchem é um produtor do mesmo grupo que controla Uralkali.
O acordo teria proporcionado alívio aos credores, mas alguns acionistas podem não ter ficado à vontade com o acordo proposto. A OCP aumentou seus embarques de fosfatados para o Brasil em quase 350.000t para cerca de 30pc das importações brasileiras de fosfatados, ou 1,2 milhão de t em 2019.
Isso ocorreu quando a Rússia, um dos principais fornecedores, viu sua participação de mercado cair para 18pc (712.000t) em 2019, em comparação com quase um trimestre em 2018. O acordo com a Heringer teria sido uma oportunidade para mudar esse cenário. Agora, a OCP é praticamente a única fornecedora de fosfatado da Heringer. Nas importações brasileiras de NPK, a Rússia já é de longe o principal fornecedor do Brasil, respondendo por 63pc das importações em 2019, com 954.287t enviadas ao país, aumento de 36pc ante 2018.
A possibilidade de uma injeção de dinheiro das empresas russas ajudou a proposta de recuperação judicial ser rapidamente aprovada pelos credores, que às vezes pode levar anos. Três planos de pagamento foram apresentados ao mercado. O que foi aprovado estabeleceu um corte de até 75pc na dívida sem garantia real de R$1,5 bilhão, dependendo do prazo e da opção de pagamento. O plano agora precisa ser submetido ao Juízo da Recuperação Judicial para homologação.
Não é a primeira vez que uma possível venda de controle da Heringer não se concretiza. Durante 2018, ventilou-se no mercado que a Nutrien negociava a compra da Heringer, mas não chegaram a um acordo com relação ao preço. As empresas nunca confirmaram publicamente nenhuma discussão, mas fontes do mercado afirmam que a Nutrien perdeu o interesse quando a Heringer entrou com o plano de recuperação judicial em São Paulo.
Por Kauanna Navarro
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