Cisão

Cisão refers to the division of a company into two or more separate entities. This corporate restructuring maneuver can take various forms, with the most common being the spin-off and the split-off. In a spin-off, a parent company creates a new, independent company from one of its existing divisions. Shareholders of the parent company typically receive shares in the new company, proportional to their original holdings. A split-off, on the other hand, involves the parent company offering shareholders the option to exchange their shares in the parent company for shares in a subsidiary.

Companies undertake cisão for several strategic reasons. It can be a method to unlock shareholder value by separating underperforming or distinct business units, allowing them to be managed and valued more effectively. It may also be used to focus management's attention on core competencies, or to create a more agile and responsive organization. Regulatory requirements or antitrust concerns can also necessitate a cisão. The process of cisão involves complex legal, financial, and operational considerations, including valuation of assets, allocation of liabilities, and the establishment of new corporate governance structures. The success of a cisão often depends on careful planning and execution.