Las Ofertas Públicas de adquisición y el gobierno corporativo. El caso de Nutresa
Frente a la OPA sobre NUTRESA , las administraciones de fondos de pensiones, deben privilegiar los intereses de sus afiliados frente a los del grupo empresarial actualmente controlante de la compañía.
Una vez autorizada por la Superintendencia Financiera , se conoció en detalle el cuadernillo de la Oferta Pública de Adquisición de Acciones del Grupo Nutresa por parte de la empresa Nugil S.A. S.
El medio empresarial colombiano no está acostumbrado a que se presenten las denominadas “compras hostiles “de empresas. En la década de los años sesenta y setenta, cuando la normatividad del mercado bursátil y de la competencia era bastante débil, algunos de los principales grupos económicos se lanzaron a una carrera de adquisiciones que terminaron consolidando monopolios u oligopolios en algunas actividades . Bastaba que adquirieran, sin ningún aviso previo, un monto de acciones que les permitiera tener una posición de control sobre la compañía apetecida. Cuando los antiguos controlantes, o el resto de los accionistas minoritarios se daba cuenta de la operación, ya era tarde. Los nuevos dueños citaban a una asamblea, y se procedía en la mayoría de los casos, a remover las junta directiva y la administración, a no ser que ésta, como se presentó en algunas ocasiones, le hubiera facilitado la operación a los nuevos dueños con información privilegiada o con el dudoso manejo de los “poderes en blanco”.
Es indudable que en esas condiciones, las compras “hostiles” es decir, sin el consentimiento del grupo controlante hasta ese momento, terminaba haciéndole daño tanto al mercado de valores como a los accionistas minoritarios. Muy posiblemente las acciones perdían liquidez, y por lo tanto bajaban de precio.
Para evitar estos inconvenientes, en los principales mercados públicos de valores del mundo se reglamentaron desde hace varias décadas las ofertas públicas de adquisición (OPA), takeover bids en inglés. En Colombia, se reglamentaron en la Resolución 400 de 1995 de la Superintendencia de Valores. Hoy las normas están contenidas en el artículo 6.15.2.1.1. del decreto 2555 de 2010, por el cual por el cual se recogen y reexpiden las normas en materia del sector financiero, asegurador y del mercado de valores.
Dice esa norma que toda persona o grupo de personas que conforman un mismo beneficiario real, solo podrá convertirse en beneficiario real de una participación igual o superior al 25% del capital con derecho a voto de una sociedad cuyas acciones se encuentren inscritas en bolsa de valores, adquiriendo los valores con los cuales se llegue a dicho porcentaje a través de una oferta pública de valores, De la misma manera, toda persona o grupo de personas que sea beneficiario real de una participación superior al 25 del capital con derecho a voto, solo podrá incrementar dicha participación en un porcentaje superior al 5%, mediante una oferta pública de adquisición. La oferta de adquisición debe como ser como mínimo por el cinco por ciento (5%) del capital con derecho a voto de la sociedad. La OPA debe dirigirse a todos los titulares de acciones con derecho a voto, y una vez lanzada es irrevocable. Se señala además en la norma que la operación debe tener la aprobación de la Superfinanciera. El precio por acción es determinado por el oferente.
Una vez lanzada una OPA pueden presentarse ofertas competidoras que deben cumplir el mismo proceso de autorización. Deben presentarse a más tardar dos días hábiles antes del vencimiento del plazo para la recepción de las oferta precedente, y no podrá hacerse por un número de acciones y por un precio inferior a ésta. Cualquier persona puede mejorar la oferta, cumpliendo los requisitos legales.
Es lógico que cuando se hace una oferta, el potencial adquirente está interesado en adquirir los que se llama “prima de control”, sobre el precio de mercado de las acciones. El principal propósito de la reglamentación de las OPA es permitirles a todos los accionistas minoritarios, y no solo a un grupo pequeño de ellos, por ejemplo, los mayoritarios, beneficiarse de esa prima, y protegerse frente a la iliquidez y por lo tanto la baja en el precio, que podría presentarse una vez finalizada la operación.
Como lo señala el conocido economista de Harvard Michael Jensen (padre del modelo principal/ agente referencia obligada en la teoría sobre gobierno corporativo) un mercado de valores bien organizado se constituye en una de las fuerzas centrales mediante las cuales se resuelven las divergencias entre los intereses de los administradores de una corporación y los de la sociedad. [1] Las otras fuerzan son el sistema legal/regulatorio, los mercados de productos y de factores, y los sistemas de control interno encabezados por las juntas directivas.
Los mercados de capital actúan a través del mercado por el control empresarial. Un inversionista externo que considere que puede añadir valor a una empresa, dándolo un vuelto estratégico o reorganizándola internamente, puede decidir comprarla, haciéndole una oferta a los actuales accionistas. Son éstos, y no la administración de la empresa objeto de la oferta, quienes deben decidir si la aceptan o no.
El mercado sobre el control empresarial, cuando la empresa está inscrita en un mercado de valores, se constituye entonces en un incentivo para que los administradores, juntas directivas y ejecutivos de una compañía, hagan bien su tarea. Una deficiente administración se traduce en una baja en el precio de la acción y por lo tanto puede atraer inversionistas externos que busquen transformar la compañía, incluyendo un cambio en la administración.
En el caso particular de Nutresa, se presenta una situación particular. La oferta de Nugil S.A es por el 50,1% de las acciones, de tal manera que si tiene éxito, se logra un control sobre la compañía. El Grupo Empresarial Antioqueño tiene directamente el 45,1%. Es decir que si todos los otros accionistas deciden vender, la OPA sería exitosa. Sin embargo, el Fondo de Pensiones Protección tiene en su poder el, 5,56% de las acciones. La administradora de este fondo es una empresa vinculada al GEA. Surge la pregunta, ´¿qué debe estar eta administradora frente a la oferta? ¿Debe alinear sus intereses con los estratégicos del GEA (a quien no le interesaría perder el control de Nutresa) o actuar en el mejor interés de los afiliados a Protección, quienes podrían registrar una valorización en su portafolio como producto de la diferencia entre el precio de mercado y el ofrecido en la OPA? En mi opinión, la obligación fiduciaria con los afiliados es la que debe predominar. Es decir, la AFP debe aceptar la oferta. Esta obligación también cobija a la AFP Porvenir, cuyos afiliados poseen el 8,12% de la empresa.
Se podría argumentar que tanto el precio de mercado como el de la oferta han subvalorado el “verdadero valor” de Nutresa. No hay manera de responder a este interrogante. Pero un punto es claro, si el GEA comparte esa percepción, tiene la opción de hacer una oferta competitiva por un precio mayor, oferta que debe estar dirigida a todos los accionistas minoritarios, incluyendo al Fondo de Pensiones Protección. Estos recibirían entonces el supuesto “verdadero valor” de la empresa.
En la jurisprudencia norteamericana existe un precedente de interés. En el caso de una oferta hostil, la junta directiva de Revlon decidió privilegiar una oferta que tenía un menor precio, sacrificando así los intereses de los accionistas minoritarios. La corte del estado de Delaware, ante quien se denunció este comportamiento, dictaminó que la Junta había actuado indebidamente, puesto que no había privilegiado los intereses de corto plazo de los accionistas. Esto dio origen a la Regla Revlon (Revlon rule) que se ha convertido en una referencia para juzgar casos semejantes [2]
En el caso colombiano, está claro, tanto en la Ley 100 de 1993, como en las normas legales que regulan el comportamiento de los conglomerados financieros y de las administradoras de los fondos de pensiones, que éstas deben privilegiar el interés de los afiliados. Negarse a aceptar la oferta puede afectar de manera grave la reputación, no solo del GEA, sino de todo el Sistema de Ahorro Individual con Solidaridad (RAIS) creado por la ley 100. Quienes acusan a este sistema de haber entregado los recursos de los afiliados a los fondos de pensiones a los grupos financieros, para que estos los manejen según su conveniencia y no de los afiliados, podrían tener en este caso un ejemplo para demostrar su argumento. Nos quedará más difícil la tarea a quienes hemos defendido el RAIS.
Eventualmente, los afiliados de los fondos de pensiones podrían adelantar una acción legal contra quienes rechacen la oferta.
[1] Michael Jensen en 2003. Theory of the firm. Harvard University Press, pag 34.
[2] Agradezco al profesor y abogado Jaime Moya por haberme puesto al tanto de este precedente
Comments (263)
Los comentarios están cerrados.
Si bien coincido con la postura de Francisco, el tema central, para este caso, confluye en la probable subvaloración de Nutresa y por tanto, (explorado a la parte final del blog), mirar las alternativas que cierren la brecha para evitar así una pérdida de oportunidad de valor sobre las actuales acciones de AFP Protección y otros fondos (accionistas minoritarios). En lo personal, dar el sí a la OPA en las condiciones actuales, tiene una alta probabilidad de pérdida inmediata y pensando como afiliado a AFP Protección, preferiría un due diligence juicioso, con una valoración seria, que arrojara luces sobre el verdadero o adecuado porcentaje de prima de control que, según análisis académicos, estaría en un máximo del 87% (#JavierCano /#JavierProfeFinanzas) y no en el 38% ofrecido.
Así las cosas, no solo estamos hablando de responsabilidad para con los afiliados a las AFP, sino también, de brindar la mejor rentabilidad posible sobre una transacción que, como bien dijo Francisco, no es “acostumbrada” en nuestro entorno económico. Ya que esta postura, coincida con la del GEA es otro asunto que resoaldaría la determinación de que las AFP dijeran no.
Entendiendo que las AFP administran fondos de sus afiliados con horizontes de tiempo de mediano y largo plazo, hay que sacar el mejor partido y adelantar los análisis para, insisto, conseguir la mejor prima posible y por tanto, mayor rentabilidad para los aficionados.
Agradezco los comentarios de Santiago. El problema es que las opciones que tienen las Administradoras de Fondos de Pensiones , de aqui al 17 de diciembre, son muy claras: o quedarse con las acciones rechazando la OPA o aceptarla. Si se rechaza la oferta, habrán desperdiciado la oportunidad clara de generarles valor a los afiliados por la diferencia entre el valor de mercado y el de la oferta. Ahora bien, si el GEA, o alguien más, decide lanzar una oferta competitiva, pues la AFP como administradora fiduciaria de los recursos de los afiliados deben escoger la más alta.
Coincido con Fracisco. Sobre todo en el daño reputacional que sufriran los administradores de los fondos, situación que abre posibilidades de inestabilidad juridica y política posterior para ellos.
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