A study commissioned by pension funds Previ and Funcef to bank Brasil Plural concluded that América Latina Logistica (ALL) shareholders should have 70% — not 63.5% — in the company resulting from the possible merger with Rumo Logística. 

"The assessment showed that the fair ratio is 70 to 30," a source from one of the pension funds told Valor. Together, Previ (6%), Funcef (5.7%) and asset manager BRZ (18.6%) have more than 30% of the shares linked to the controlling agreement. 

The board of directors of ALL has until April 15 to decide whether to approve the merger, which was proposed by Cosan Group, owner of Rumo, on February 24.