Diferença entre spin-off e split-off (com tabela)

Spin-off and split-off are components of divestiture, which involves dividing a company or selling part of it to another company leading to the creation of a separate branch.

Spin-off vs Split-off

o difference between Spin-off and Split-off is that in a spin-off, the parent company distributes the shares of the divested company to the existing shareholders, whereas in the case of a split-off, stocks of the divested company are transferred to the parent company.

In a spin-off, shareholders enjoy shares of two companies, whereas, in a split-off, shareholders exchange their stocks for new shares of the subsidiary.

Em um spin-off, a divisão de negócios leva à criação de uma empresa independente da matriz que opera de forma independente.

Cisão é a condição de os acionistas da holding possuírem ações em uma subsidiária cindida por troca de ações da holding.

A implementação das duas estratégias auxilia as empresas na redução de riscos, evitando as consequências jurídicas que podem sofrer caso suas ações sejam de uma só empresa.

Razões para spin-off e cisão

As empresas fazem spin-offs e split-offs porque é um método usado para criar custos de agência e criar benefícios fiscais para a empresa-mãe.

It offers the parent company an opportunity to improve its management. It ensures the concentration of managers on the productive divisions of the company. The use of the strategies improves forecast and research in the parent company.

Less complicated divisions enable the analysts and researcher s to collect adequate information and project sales of the company. Companies also do spin-offs and split-offs to increase profitability by changing the administrative structure of the company.

It aids in streamlining workflow in the company whereby the parent company spins unproductive sectors for a new company. The parent company creates spin-offs from existing departments and sections in the company.

Through the separation of the division from the parent company, it is expected that the division will bring more profits. The independence of the division gives it room to make strategies geared towards improving profitability, unlike when it was part of the whole company.

Comparison Table Between Spin-off and Split-off

Parâmetro de ComparaçãoSubprodutoCisão
SignificadoUma empresa forma uma nova entidade a partir de uma grande empresa. A nova divisão é independente na bolsa de valores e no conselho de administração.É uma alienação corporativa por meio da qual uma subsidiária da empresa se torna uma entidade separada. Ele lista seus estoques de capital de forma independente.
AçõesOs acionistas recebem ações da controladora e da nova divisão.Os acionistas da holding são obrigados a trocar suas ações para obter ações da subsidiária.
RazãoCrie uma identidade separada para uma nova empresa.Distinga as transações entre o negócio principal e a nova divisão.

O que é spin-off?

It involves the separation of a division from the parent company to form a new company. The shares are then allocated to the shareholders according to their holdings aiming to cater to loss of equity in initial stocks.

A propriedade da empresa não muda uma vez que os acionistas serão os mesmos e possuirão determinadas ações da empresa.

The shareholders have the option of retaining the shares or selling to interested parties. Companies prefer it since it allows them to manage the division with high potential in the long term range.

Through this strategy, the parent company moves all the workforce, copyright issues, trademarks, and royalties to the new division. The existing shareholders are in an advantaged position as they enjoy shares of the parent and the subsidiary company.

For the subsidiary company to operate the parent company must allocate 80% of voting and non-voting shares. It is after the removal of the parent company from management that the new subsidiary can be accountable and responsible for their transactions.

What is Split-off?

The strategy involves the division of shareholders from the parent company. The shareholders allocated to the new company sell their shares in the host company. It is a form of stock repurchase whereby the parent company buys back its shares.

Na cisão, os acionistas são divididos, daí o termo desdobramento.

The shareholders who break away from the parent company become the shareholders and owners of the new entity while the remaining shareholders own the parent organization. The strategy benefits both the parent company and the subsidiary through protection from hostile takeover and benefits to the holding company through the selling of shares.

Principais diferenças entre spin-off e split-off

The two strategies are used by companies to form new divisions. There are notable differences between spin-off and split-off depending on various factors. The following discussion outlines the differences between split-off and spin-off.

Significado

A cisão é uma estratégia de desinvestimento na qual a controladora é dividida em uma nova subsidiária independente em questões jurídicas da controladora.

Split-off, on the other hand, is a restructuring strategy in which the shareholders of the new subsidiary are the former shareholders in the parent company. The shareholders sell their shares in the host company then move to the new division.

Propriedade dos acionistas

In a spin-off, shares of both the new division and the host company are shared among shareholders. The strategy does not require shareholders to give up ownership in the parent organization for then to operate in the new division.

On the other hand, shareholders of the subsidiary company in split-off are required to give up their shares in the parent company. Those who give up their shares in the parent organization are legible to be allocated shares in the subsidiary.

Recursos da matriz

In a spin-off, corporates use the parent organization resources to create an identity in the subsidiary company. However, in split-off, the parent company resources are not used in the subsidiary.

A organização-mãe não tem autoridade na subsidiária e não pode diferenciar suas operações das próprias. É responsabilidade dos acionistas decidir sobre seus atos.

Tratamento Tributário

Most companies prefer spin-offs because it is tax-free. The strategy frees the parent company from additional tax charges. Split-offs, on the other hand, are interested in financial viability.

A empresa-mãe não tem garantia de usufruir do privilégio de isenção de impostos.

Perguntas frequentes (FAQ) sobre spin-off e split-off

Como o Spin off afeta o preço das ações?

How the stock price is affected after a spinoff depends on the retention of the entity that has been spun-off. The pre-spinoff price of a stock should be nearly equal or similar to the sum of the after-spinoff price of the stock added to the initial stock price of the corporation that has been spun-off.

Se uma empresa-mãe retém algumas partes da entidade cindida, as coisas ficam mais complicadas.

For example, if the parent company retains 50% of the spun-off company, the share price is supposed to be equal to the value of its business, plus a 50% stake retained from the spun-off entity. Spin-offs can be reflected on a brokerage statement and different brokers have different formats.

Como as spin-offs são tributadas?

Spinoffs podem ser tributados. Uma cisão que pode ser tributada é um desinvestimento por uma empresa de capital aberto, sujeita à tributação sobre ganhos de capital.

For transactions to be taxable, the parent company must divest through the selling of properties or division it owns directly. The capital gains made as profits will be taxed. A taxable spinoff brings in liquid assets in the form of cash to the company.

Uma desvantagem desta transação é a diminuição da receita adquirida com os ganhos de capital. Para evitar a tributação, uma empresa-mãe pode considerar uma cisão sem impostos.

O que uma cisão significa para os funcionários?

Os arranjos adequados para os funcionários geralmente são feitos antes da execução de uma cisão.

When preparing a subsidiary for a spinoff, a parent company usually removes any overlapping roles of employees and dedicate the employees to either the parent or subsidiary. The overlapping usually occurs within administrative positions such as accounting, human resources, information technology and purchasing.

As empresas devem se certificar de que todo o conhecimento e recursos não permaneçam com a empresa-mãe. Para operar por conta própria, a subsidiária precisa de um grupo de funcionários experientes.

Spinoffs também podem levar a incertezas, fazendo com que funcionários se demitam.

Como funciona uma cisão para os acionistas?

Corporations that have subsidiaries and divisions may not put in enough effort or resources to the entities. This may hinder their development and advancement. Also, shareholders of the parent may conflict with managers of the subsidiary regarding operational, strategic and monetary issues.

In such scenarios, management conflict can be reduced by enabling the spinoff to have a separate board of advisors and directors focused on the company’s needs.

Conclusão

Companies need to conduct spin-offs or split-offs in case of low productivity in the company. The division to two companies offers an opportunity to concentrate on critical areas.

Companies prefer spin-off strategy because the shareholders retain their shares in both the parent company and the new division. Through the ownership of shares in both companies, the shareholders are covered in case one company collapses or fails to produce.

Split-off offers the shareholders a greater chance of growing in case the new company picks up. The revenue is shared among a few members since they are independent of the parent company.

Referências

  1. https://scholarship.law.duke.edu/cgi/viewcontent.cgi?article=2072&context=dlj
  2. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=241226