This article presents an analysis of the legality of carrying out the incorporation of shares in a publicly held company to avoid carrying out a public offering to cancel the registration of a publicly held company. In this context, the authors expose the legislative evolution that took place around the registration of a publicly held company and its respective cancellation, as well as the practices adopted by controlling shareholders to carry out the “delisting” of publicly held controlled companies. Finally, the authors present the understanding of the CVM on the subject, as well as suggest a way to extinguish the practice of “white closing of capital” in the Brazilian market.
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Francisco da Costa e Silva
Carlos Martins Neto
