I think who bought Multiplus (MPLU3) shares at IPO actually borrowed money to TAM (TAMM4).
Multiplus abre mão de caixa.
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Friday, March 11, 2011
Multiplus and TAM
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And there was also taxes issues, as mentioned in the text.
By choosing a primary offering, TAM did not have to pay income tax on capital gains, which would be necessary if it had decided to sell a slice of Multiplus in secondary distribution. As the assets of the company was almost zero, the account would be huge.
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