By Brazil Stock Guide – Monteiro Aranha S.A. (B3: MOAR3), one of Brazil’s most traditional investment holdings, announced on October 1, 2025, a tender offer to delist from the stock exchange. The controlling shareholders — Sociedade Técnica Monteiro Aranha (STMA) and Newton Participações Ltda. — offered R$75.00 per share to acquire up to 1.8 million common shares, representing the company’s entire free float. The offer price represents nearly an 83% premium over the valuation report by Apsis Consultoria, which set the fair value at R$40.97 per share.
The move ends a decades-long presence on the B3 dating back to the mid-1980s. It also highlights one of the key reasons behind the delisting: extreme illiquidity. Over the past three months, MOAR3 shares have averaged only 520 shares traded per day, making efficient price formation nearly impossible while raising the regulatory costs of staying listed. Over the last 12 months, the stock has lost more than 65% of its value, reflecting sporadic trading and the absence of meaningful investor flow.
Legacy and portfolio
The delisting comes three years after the death of Olavo Monteiro de Carvalho, who died in Rio de Janeiro in 2022 at the age of 80. Grandson of co-founder Alberto Monteiro de Carvalho, he was the face of the group for decades. Founded in 1913 by Olavo Egydio de Souza Aranha Jr. and Alberto Monteiro de Carvalho e Silva, Monteiro Aranha played a significant role in Brazil’s industrial development.
The holding once held stakes in Cisper, Volkswagen do Brasil, and Ericsson, as well as relevant participations in Klabin and Ultrapar/Oxiteno. Today, however, the extent of its investment portfolio is less transparent, as the company no longer appears among the major shareholders disclosed in recent public filings.