Walter Mendes appointed Managing Director of the Association

São Paulo, August 25, 2014 – The Takeover Panel Sponsors Association (ACAF – Associação dos Apoiadores do Comitê de Aquisições e Fusões) today announces economist Walter Mendes has been appointed Managing Director to replace Mr. João Nogueira Batista, who will be stepping down from September 15, 2014, when Mr. Mendes is to take office.
Mr. Walter Mendes de Oliveira Filho has been actively working in the capital markets for over 35 years. He has been a partner and fund manager at Cultinvest Asset Management Ltda. for the last four years. Previously, he has been Head Analyst of Unibanco S.A., CEO of Schroder Investment Management Brasil, Investment Director for Latin America with Schroder Investment Management PLC (UK) and Superintendent for Variable Income at Itaú Unibanco S.A. He currently serves as member of the Supervisory Board of Analysts of APIMEC, the Brazilian Association of Capital Market Analysts and Investment Professionals, and has served previously as President of AMEC, the Association of Capital Markets Investors (2009–2011).

About ACAF and the Brazilian Takeover Panel (CAF)

The Takeover Panel Sponsors Association (ACAF) is a nonprofit private organization created to organize, maintain and manage the Brazilian Takeover Panel, or CAF (Comitê de Aquisições e Fusões). The founding members of ACAF are AMEC, the Association of Capital Markets Investors; ANBIMA, the Brazilian Financial and Capital Markets Association; BM&FBOVESPA, the Brazilian Securities, Commodities and Futures Exchange; and IBGC, the Brazilian Institute of Corporate Governance.

Lawyer and scholar Nelson Eizirik chairs the Brazilian Takeover Panel (CAF) in the company of ten other Panel members highly experienced in capital markets and financial affairs. As Panel members, they have rulemaking and rule-application responsibilities [, and perform advisory and supervisory roles when so requested by public companies that are willing to adhere to the authority of the Panel]. The Panel rules are codified in the Self-Regulatory Code on Mergers and Acquisitions, which the Panel maintains under review on an ongoing basis to determine when amendments are advisable. The Panel is a private independent body established to operate pursuant to a voluntary self-regulatory model. It began operations in the second half of 2013 with the aim of ensuring tender offers and corporate restructuring transactions (mergers) involving public companies are carried out in a way that is fair and equitable to all shareholders.

The Panel has the institutional support of the Brazilian Securities Commission (Comissão de Valores Mobiliários – CVM), the International Finance Corporation (IFC) and the International Corporate Governance Network (ICGN).

For additional information, access the Panel website at