Bradesco gets approval for Motiva stake

Bradesco BBI received clearance from Brazil's antitrust authority, the Superintendência-Geral do Cade, to take over a 14.86% stake in infrastructure company Motiva, formerly CCR. The transaction involves around 300.1 million common shares valued at approximately BRL 5 billion.

The transfer serves as payment in kind to settle debts owed by Mover, formerly Camargo Corrêa. The shares are held by Mover subsidiaries Sincro and Sucea, which are also under judicial recovery. The arrangement helps fulfill commitments under Mover's judicial recovery plan, which was approved in December 2025. The binding contract was signed on 28 July after fellow shareholders Votorantim, Itaúsa, and Soares Penido waived their right of first refusal to acquire the stake.

Bradesco described the deal as a way to diversify its investment portfolio, but it has not decided whether to join the controlling bloc. Of the 14.86% stake, 10% of Motiva's total capital is tied to the shareholders' agreement, matching the 10% held by each of the other three partners, while 4.86% is unencumbered. Remaining outside the agreement would give Bradesco greater freedom to sell, whereas joining would require respecting rights of first refusal and requires approval from the existing pact members.