Mubadala Fund backs out on proposal to buy Burger King in Brazil

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The Mubadala fund backtracked this Friday (23) in its proposal to buy Burger King in Brazil.

The revocation occurred because there was no guarantee that the franchise and licensing agreements of the Burger King and Popeyes brands would remain unchanged, if the purchase agreement was closed.

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For the sovereign wealth fund of Abu Dhabi, the answer given by the franchisor Restaurant Brands International is an impediment to the execution of the transaction to acquire Zamp (current name of Burger King Brasil).

The purchase would be made through a public offering of shares (OPA).

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Mubadala announced its interest in buying the business, offering BRL 7.55 per Zamp share, a value that rose to BRL 8.31 shortly after by 45.1% of the company.

Currently, the fund owns 5% of the company.

After the announcement of the revocation of the offer to buy, the shares of Zamp plunged this Friday, with a drop of more than 5% until noon.

Source: CNN Brasil

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