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<div v:shape=3D"_x0000_m1026" class=3DT><span lang=3DPT-BR>Clique para edit=
ar o
estilo do t&iacute;tulo </span><span lang=3DPT-BR>mestre</span></div>

<div v:shape=3D"_x0000_m1027">

<div class=3DB><span lang=3DPT-BR>Clique para editar os estilos do texto </=
span><span
lang=3DPT-BR>mestre&#13;</span></div>

<div class=3DB1><span lang=3DPT-BR>Segundo n&iacute;vel&#13;</span></div>

<div class=3DB2><span lang=3DPT-BR>Terceiro n&iacute;vel&#13;</span></div>

<div class=3DB3><span lang=3DPT-BR>Quarto n&iacute;vel&#13;</span></div>

<div class=3DB4><span lang=3DPT-BR>Quinto n&iacute;vel</span></div>

</div>

<div v:shape=3D"_x0000_s1028" class=3DO><span lang=3DPT-BR style=3D'font-si=
ze:78%;
mso-field-code:meta0'>&#8249;data/hora&#8250;</span><span lang=3DPT-BR
style=3D'font-size:78%;mso-special-format:lastCR'>&#13;</span></div>

<div v:shape=3D"_x0000_s1029" class=3DO style=3D'text-align:center'><span l=
ang=3DPT-BR
style=3D'font-size:78%;mso-field-code:meta15'>&#8249;rodap&eacute;&#8250;</=
span><span
lang=3DPT-BR style=3D'font-size:78%;mso-special-format:lastCR'>&#13;</span>=
</div>

<div v:shape=3D"_x0000_s1030" class=3DO>

<div style=3D'text-align:right'><span lang=3DPT-BR style=3D'font-size:78%;m=
so-field-code:
meta16'>&#8249;n&ordm;&#8250;</span><span lang=3DPT-BR style=3D'font-size:7=
8%'>&#13;</span></div>

<div style=3D'text-align:right'><span lang=3DPT-BR style=3D'font-size:56%'>=
&#13;</span></div>

<div style=3D'text-align:right'><span lang=3DPT-BR style=3D'font-size:56%'>=
SL</span><span
style=3D'font-size:56%;mso-ansi-language:1024'>00-020</span><span lang=3DPT=
-BR
style=3D'font-size:56%'>827</span><span style=3D'font-size:56%;mso-ansi-lan=
guage:
1024'>-</span><span lang=3DPT-BR style=3D'font-size:56%'>B</span><span
style=3D'font-size:56%;mso-ansi-language:1024;mso-special-format:lastCR'>&#=
13;</span></div>

</div>

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ht 6.0in'>

<div style=3D'mso-line-spacing:"90 0 0"'><span lang=3DPT-BR><b>Stricto Lato=
</b></span><span
lang=3DPT-BR><b><i>&#13;</i></b></span></div>

<div style=3D'mso-line-spacing:"90 0 0"'><span lang=3DPT-BR style=3D'font-s=
ize:56%'><b>consultoria
de gest&atilde;o&#13;</b></span></div>

<div style=3D'mso-line-spacing:"90 0 0"'><span lang=3DPT-BR style=3D'font-s=
ize:56%'><b>&#13;</b></span></div>

<div style=3D'mso-line-spacing:"70 0 0"'><span lang=3DPT-BR style=3D'font-s=
ize:56%'>www.strictolato.com<span
style=3D'mso-tab-count:1;width:28.57%'> </span>&#13;</span></div>

<div style=3D'mso-line-spacing:"70 0 0"'><span lang=3DPT-BR style=3D'font-s=
ize:56%'>Fone
(11) 5182-4900</span><span lang=3DPT-BR> </span></div>

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<div style=3D'mso-line-spacing:"90 0 0"'><span lang=3DPT-BR style=3D'font-s=
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0.14%;
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nsultoria
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0.14%;
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i-font-family:
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13.85%;
 width:3.55%;height:67.75%'><![endif]>
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9.0%;
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 top:62.25%;left:16.66%;width:12.54%;height:3.5%'><span lang=3DPT-BR
 style=3D'font-size:89%'>Contratual<br>
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#13;</span></span>
 <div style=3D'position:absolute;top:69.25%;left:16.66%;width:10.48%;height=
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e:89%;
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0.5%;
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e:89%'>Compra
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al-format:
 lastCR;display:none'><i>&#13;</i></span></div>
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3.5%'><span
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size:89%;
 mso-special-format:lastCR;display:none'>&#13;</span></div>
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  left:275.125pt;top:476.5pt;width:134.625pt;height:26.5pt;mso-wrap-style:n=
one;
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sition:absolute;
  left:201.25pt;top:413.25pt;width:72.375pt;height:65pt;mso-wrap-style:none;
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  strokecolor=3D"white [1]">
  <v:fill color2=3D"#009 [0]"/>
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  left:201.25pt;top:266.75pt;width:65.125pt;height:65pt;mso-wrap-style:none;
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  <v:fill color2=3D"#009 [0]"/>
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 src=3D"slide0131_image006.gif" style=3D'position:absolute;top:72.0%;left:3=
6.32%;
 width:3.55%;height:21.5%'><![endif]>
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 top:72.5%;left:39.13%;width:27.15%;height:3.5%'><span lang=3DPT-BR
 style=3D'font-size:89%'>Troca de participa&ccedil;&otilde;es<br>
  </span></span><span style=3D'position:absolute;top:76.0%;left:39.13%;
 width:22.65%;height:3.5%'><span lang=3DPT-BR style=3D'font-size:89%'>minor=
it&aacute;rias</span><span
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4.75%;
 left:39.13%;width:26.77%;height:3.5%'><span lang=3DPT-BR style=3D'font-siz=
e:89%'>Venda
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89%;
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9.0%;
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ger of
 equals</i></span></div>
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 top:77.5%;left:29.02%;width:8.23%;height:3.5%'><span lang=3DPT-BR
 style=3D'font-size:89%'>Sem<br>
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 width:8.61%;height:3.5%'><span lang=3DPT-BR style=3D'font-size:89%'>invest=
i-<br>
  </span></span><span style=3D'position:absolute;top:84.5%;left:29.02%;
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/span><span
 lang=3DPT-BR style=3D'font-size:59%;position:relative;top:-.45em;mso-text-=
raise:
 30%'>(1)</span><span style=3D'font-size:59%;position:relative;top:-.45em;
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pan></div>
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  </span></span><span style=3D'position:absolute;top:53.75%;left:29.02%;
 width:8.61%;height:3.5%'><span lang=3DPT-BR style=3D'font-size:89%'>invest=
i-<br>
  </span></span><span style=3D'position:absolute;top:57.5%;left:29.02%;
 width:7.67%;height:3.5%'><span lang=3DPT-BR style=3D'font-size:89%'>mento<=
/span><span
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  left:275.125pt;top:243pt;width:106.125pt;height:26.5pt;mso-wrap-style:non=
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  left:389pt;top:347.25pt;width:44.75pt;height:26.5pt;mso-wrap-style:none;
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1.79%;
 width:3.55%;height:16.25%'><![endif]>
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5.25%;
 left:39.13%;width:18.53%;height:3.5%'><span lang=3DPT-BR style=3D'font-siz=
e:89%'>Receber
 aporte</span><span style=3D'font-size:89%;mso-special-format:lastCR;displa=
y:
 none'><i>&#13;</i></span></div>
 <div v:shape=3D"_x0000_s276503" class=3DO style=3D'position:absolute;top:4=
6.0%;
 left:39.13%;width:15.54%;height:3.5%'><span style=3D'font-size:89%'><i>Joi=
nt
 venture</i></span></div>
 <div v:shape=3D"_x0000_s276504" class=3DO style=3D'position:absolute;top:6=
2.75%;
 left:39.13%;width:15.35%;height:3.5%'><span lang=3DPT-BR style=3D'font-siz=
e:89%'>Fazer
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lastCR;
 display:none'><i>&#13;</i></span></div>
 <div v:shape=3D"_x0000_s276505" class=3DO style=3D'position:absolute;top:6=
1.75%;
 left:55.05%;width:5.24%;height:3.5%'><span lang=3DPT-BR style=3D'font-size=
:89%'>Min.</span><span
 style=3D'font-size:89%;mso-special-format:lastCR;display:none'><i>&#13;</i=
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5.25%;
 left:55.05%;width:5.24%;height:3.5%'><span lang=3DPT-BR style=3D'font-size=
:89%'>Maj.</span><span
 lang=3DPT-BR style=3D'font-size:89%;mso-special-format:lastCR;display:none=
'><i>&#13;</i></span></div>
 <v:shape id=3D"_x0000_s276507" type=3D"#_x0000_t87" style=3D'position:abso=
lute;
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sition:absolute;
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sition:absolute;
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one;
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2.24%;
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3.75%;
 left:57.49%;width:5.24%;height:3.5%'><span lang=3DPT-BR style=3D'font-size=
:89%'>Min.</span><span
 style=3D'font-size:89%;mso-special-format:lastCR;display:none'><i>&#13;</i=
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7.25%;
 left:57.49%;width:5.24%;height:3.5%'><span lang=3DPT-BR style=3D'font-size=
:89%'>Maj.</span><span
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'><i>&#13;</i></span></div>
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sition:absolute;
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sition:absolute;
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4.68%;
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6.0%;
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:89%'>Min.</span><span
 style=3D'font-size:89%;mso-special-format:lastCR;display:none'><i>&#13;</i=
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9.25%;
 left:55.05%;width:5.24%;height:3.5%'><span lang=3DPT-BR style=3D'font-size=
:89%'>Maj.</span><span
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'><i>&#13;</i></span></div>
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sition:absolute;
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sition:absolute;
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sition:absolute;
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sition:absolute;
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 </v:shape><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s276513"
 src=3D"slide0131_image010.gif" style=3D'position:absolute;top:42.25%;left:=
52.24%;
 width:4.11%;height:11.0%'><![endif]>
 <div v:shape=3D"_x0000_s276514" class=3DO style=3D'position:absolute;top:4=
2.5%;
 left:55.05%;width:6.92%;height:3.5%'><span lang=3DPT-BR style=3D'font-size=
:89%'>50-50</span><span
 style=3D'font-size:89%;mso-special-format:lastCR;display:none'><i>&#13;</i=
></span></div>
 <div v:shape=3D"_x0000_s276515" class=3DO style=3D'position:absolute;top:2=
6.25%;
 left:29.02%;width:21.34%;height:3.5%'><span lang=3DPT-BR style=3D'font-siz=
e:89%'>Sem
 investimento</span><span style=3D'font-size:89%;mso-special-format:lastCR;
 display:none'>&#13;</span></div>
 <div v:shape=3D"_x0000_s276516">
 <div class=3DO1 style=3D'mso-margin-left-alt:621;mso-text-indent-alt:621'>=
</div>
 <div class=3DO2 style=3D'mso-margin-left-alt:734;mso-text-indent-alt:734'>=
</div>
 <div class=3DO style=3D'mso-margin-left-alt:395;mso-char-wrap:0;mso-kinsok=
u-overflow:
 0;position:absolute;top:90.5%;left:1.87%;width:86.7%;height:3.25%'><span
 lang=3DPT-BR style=3D'font-size:78%'>_____________________&#13;</span></di=
v>
 <div class=3DO style=3D'mso-margin-left-alt:395;mso-char-wrap:0;mso-kinsok=
u-overflow:
 0;position:absolute;top:93.5%;left:1.87%;width:86.7%;height:2.75%'><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:67%'>(1)<span
 style=3D'mso-tab-count:1;width:5.56%'> </span>Podem envolver caixa pago a
 acionistas mas n&atilde;o reinvestido na empresa&#13;</span></div>
 <div class=3DO style=3D'mso-margin-left-alt:395;mso-char-wrap:0;mso-kinsok=
u-overflow:
 0;position:absolute;top:96.25%;left:1.87%;width:86.7%;height:2.75%'><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:67%'>Fonte:<sp=
an
 style=3D'mso-tab-count:1;width:2.46%'> </span></span><span style=3D'font-f=
amily:
 Arial;mso-hansi-font-family:Arial;font-size:67%'>&#8220;Strategic Alliances
 &#8221;</span><span lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font=
-size:
 67%'> de </span><span style=3D'mso-hansi-font-family:Arial;font-size:67%;
 mso-ansi-language:1024'>M.</span><span lang=3DPT-BR style=3D'mso-hansi-fon=
t-family:
 Arial;font-size:67%'> </span><span style=3D'mso-hansi-font-family:Arial;
 font-size:67%;mso-ansi-language:1024'>Yoshino e U. Rangan</span><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:67%'>; an&aacu=
te;lise
 da Stricto Lato</span></div>
 </div>
 <div v:shape=3D"_x0000_s276517" class=3DO style=3D'position:absolute;top:3=
1.0%;
 left:29.02%;width:21.53%;height:3.5%'><span lang=3DPT-BR style=3D'font-siz=
e:89%'>Com
 investimento</span><span style=3D'font-size:89%;mso-special-format:lastCR;
 display:none'>&#13;</span></div>
 <div v:shape=3D"_x0000_s276518" class=3DO style=3D'mso-margin-left-alt:110;
 position:absolute;top:26.25%;left:64.41%;width:26.02%;height:3.5%'><span
 style=3D'position:absolute;top:0%;left:7.19%;width:92.8%;height:100.0%'><s=
pan
 style=3D'font-size:89%'><span style=3D'mso-special-format:bullet;position:=
absolute;
 left:-7.75%'>&#8226;</span></span><span lang=3DPT-BR style=3D'font-size:89=
%'>Menor
 envolvimento</span><span style=3D'font-size:89%;mso-special-format:lastCR;
 display:none'>&#13;</span></span></div>
 <div v:shape=3D"_x0000_s276519" class=3DO>
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41%;
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1%;
 width:94.28%;height:100.0%'><span style=3D'font-size:89%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-6.06%'>&#8226;<=
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 lang=3DPT-BR style=3D'font-size:89%'>Longa dura&ccedil;&atilde;o&#13;</spa=
n></span></div>
 <div style=3D'mso-margin-left-alt:110'><span style=3D'position:absolute;
 top:34.5%;left:66.29%;width:31.83%;height:3.5%'><span style=3D'font-size:8=
9%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-5.88%'>&#8226;<=
/span></span><span
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de </span></span><span
 style=3D'position:absolute;top:38.0%;left:66.29%;width:30.89%;height:3.5%'=
><span
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nt-size:
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 <div v:shape=3D"_x0000_s276520" class=3DO style=3D'mso-margin-left-alt:110=
'><span
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><span
 style=3D'font-size:89%'><span style=3D'mso-special-format:bullet;position:=
absolute;
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%'>Viabiliza
 explora&ccedil;&atilde;o de interesse </span></span><span style=3D'positio=
n:
 absolute;top:46.0%;left:66.29%;width:34.08%;height:3.5%'><span lang=3DPT-BR
 style=3D'font-size:89%'>comum (divide custo e risco, </span></span><span
 style=3D'position:absolute;top:49.5%;left:66.29%;width:35.01%;height:3.5%'=
><span
 lang=3DPT-BR style=3D'font-size:89%'>soma habilidades e recursos)</span><s=
pan
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5%;
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'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-6.06%'>&#8226;<=
/span></span><span
 lang=3DPT-BR style=3D'font-size:89%'>Financiador da expans&atilde;o&#13;</=
span></span></div>
 <div class=3DO1 style=3D'mso-margin-left-alt:339;mso-text-indent-alt:223;
 position:absolute;top:57.25%;left:68.35%;width:29.02%;height:3.5%'><span
 style=3D'position:absolute;top:0%;left:6.45%;width:92.9%;height:100.0%'><s=
pan
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absolute;
 left:-6.94%'>&#8211;</span></span><span lang=3DPT-BR style=3D'font-size:89=
%'>Valida
 o </span><span style=3D'font-size:89%'><i>business plan&#13;</i></span></s=
pan></div>
 <div class=3DO1 style=3D'mso-margin-left-alt:339;mso-text-indent-alt:223;
 position:absolute;top:60.75%;left:68.35%;width:29.02%;height:3.5%'><span
 style=3D'position:absolute;top:0%;left:6.45%;width:92.9%;height:100.0%'><s=
pan
 style=3D'font-size:89%'><span style=3D'mso-special-format:bullet;position:=
absolute;
 left:-6.94%'>&#8211;</span></span><span lang=3DPT-BR style=3D'font-size:89=
%'>Supervisiona
 a gest&atilde;o&#13;</span></span></div>
 <div class=3DO1 style=3D'mso-margin-left-alt:339;mso-text-indent-alt:223;
 position:absolute;top:64.25%;left:68.35%;width:30.71%;height:3.5%'><span
 style=3D'position:absolute;top:0%;left:6.09%;width:93.29%;height:100.0%'><=
span
 style=3D'font-size:89%'><span style=3D'mso-special-format:bullet;position:=
absolute;
 left:-6.53%'>&#8211;</span></span><span lang=3DPT-BR style=3D'font-size:89=
%'>Participa
 nos resultados&#13;</span></span></div>
 <div class=3DO style=3D'mso-margin-left-alt:110;position:absolute;top:68.0=
%;
 left:64.41%;width:36.51%;height:3.5%'><span style=3D'position:absolute;
 top:0%;left:5.12%;width:94.35%;height:100.0%'><span style=3D'font-size:89%=
'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-5.43%'>&#8226;<=
/span></span><span
 lang=3DPT-BR style=3D'font-size:89%'>Financiado lidera a opera&ccedil;&ati=
lde;o</span><span
 style=3D'font-size:89%;mso-special-format:lastCR;display:none'>&#13;</span=
></span></div>
 </div>
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lute;
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:middle'
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sition:absolute;
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rando
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 <div class=3DB1 style=3D'mso-margin-left-alt:521;mso-text-indent-alt:341'>=
</div>
 <div class=3DB2 style=3D'mso-margin-left-alt:778;mso-text-indent-alt:634'>=
</div>
 <div class=3DB3 style=3D'mso-margin-left-alt:1035;mso-text-indent-alt:891'=
></div>
 <div class=3DB style=3D'mso-margin-left-alt:109;position:absolute;top:55.0=
%;
 left:49.62%;width:12.54%;height:3.5%'><span style=3D'position:absolute;
 top:0%;left:14.92%;width:83.58%;height:100.0%'><span style=3D'font-size:50=
%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-17.85%'>&#8226;=
</span></span><span
 lang=3DPT-BR style=3D'font-size:50%'>Limites&#13;</span></span></div>
 <div class=3DB style=3D'mso-margin-left-alt:109'><span style=3D'position:a=
bsolute;
 top:59.25%;left:51.49%;width:10.48%;height:3.5%'><span style=3D'font-size:=
50%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-17.85%'>&#8226;=
</span></span><span
 style=3D'font-size:50%'><i>Trade-<br>
  </i></span></span><span style=3D'position:absolute;top:63.0%;left:51.49%;
 width:10.48%;height:3.5%'><span style=3D'font-size:50%'><i>offs</i></span>=
</span></div>
 </div>
 <div v:shape=3D"_x0000_s277516">
 <div class=3DB1 style=3D'mso-margin-left-alt:521;mso-text-indent-alt:341'>=
</div>
 <div class=3DB2 style=3D'mso-margin-left-alt:778;mso-text-indent-alt:634'>=
</div>
 <div class=3DB3 style=3D'mso-margin-left-alt:1035;mso-text-indent-alt:891'=
></div>
 <div class=3DB style=3D'mso-margin-left-alt:109;position:absolute;top:81.7=
5%;
 left:49.62%;width:12.73%;height:3.5%'><span style=3D'position:absolute;
 top:0%;left:14.7%;width:85.29%;height:100.0%'><span style=3D'font-size:50%=
'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-17.24%'>&#8226;=
</span></span><span
 lang=3DPT-BR style=3D'font-size:50%'>Empresa</span><span style=3D'font-siz=
e:50%;
 mso-special-format:lastCR;display:none'>&#13;</span></span></div>
 </div>
 <div v:shape=3D"_x0000_s277517">
 <div class=3DB1 style=3D'mso-margin-left-alt:521;mso-text-indent-alt:341'>=
</div>
 <div class=3DB2 style=3D'mso-margin-left-alt:778;mso-text-indent-alt:634'>=
</div>
 <div class=3DB3 style=3D'mso-margin-left-alt:1035;mso-text-indent-alt:891'=
></div>
 <div class=3DB style=3D'mso-margin-left-alt:109'><span style=3D'position:a=
bsolute;
 top:55.0%;left:63.85%;width:10.48%;height:3.5%'><span style=3D'font-size:5=
0%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-17.85%'>&#8226;=
</span></span><span
 style=3D'font-size:50%;mso-ansi-language:1024'>Viabili-</span></span><span
 style=3D'position:absolute;top:58.75%;left:63.85%;width:10.48%;height:3.5%=
'><span
 style=3D'font-size:50%;mso-ansi-language:1024'>dade</span><span lang=3DPT-=
BR
 style=3D'font-size:50%'> da </span></span><span style=3D'position:absolute;
 top:62.25%;left:63.85%;width:11.61%;height:3.5%'><span lang=3DPT-BR
 style=3D'font-size:50%'>execu&ccedil;&atilde;o</span><span style=3D'font-s=
ize:
 50%;mso-special-format:lastCR;display:none'>&#13;</span></span></div>
 </div>
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 <div class=3DB1 style=3D'mso-margin-left-alt:521;mso-text-indent-alt:341'>=
</div>
 <div class=3DB2 style=3D'mso-margin-left-alt:778;mso-text-indent-alt:634'>=
</div>
 <div class=3DB3 style=3D'mso-margin-left-alt:1035;mso-text-indent-alt:891'=
></div>
 <div class=3DB style=3D'mso-margin-left-alt:109;position:absolute;top:81.7=
5%;
 left:61.98%;width:12.54%;height:3.5%'><span style=3D'position:absolute;
 top:0%;left:14.92%;width:83.58%;height:100.0%'><span style=3D'font-size:50=
%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-17.85%'>&#8226;=
</span></span><span
 lang=3DPT-BR style=3D'font-size:50%'>Banco</span><span style=3D'font-size:=
50%;
 mso-special-format:lastCR;display:none'>&#13;</span></span></div>
 </div>
 <div v:shape=3D"_x0000_s277519">
 <div class=3DB1 style=3D'mso-margin-left-alt:521;mso-text-indent-alt:341'>=
</div>
 <div class=3DB2 style=3D'mso-margin-left-alt:778;mso-text-indent-alt:634'>=
</div>
 <div class=3DB3 style=3D'mso-margin-left-alt:1035;mso-text-indent-alt:891'=
></div>
 <div class=3DB style=3D'mso-margin-left-alt:109'><span style=3D'position:a=
bsolute;
 top:55.0%;left:76.21%;width:10.48%;height:3.5%'><span style=3D'font-size:5=
0%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-17.85%'>&#8226;=
</span></span><span
 style=3D'font-size:50%;mso-ansi-language:1024'>Verifica-</span></span><span
 style=3D'position:absolute;top:58.75%;left:76.21%;width:11.23%;height:3.5%=
'><span
 style=3D'font-size:50%;mso-ansi-language:1024'>&ccedil;&atilde;o</span><sp=
an
 lang=3DPT-BR style=3D'font-size:50%'> e </span><span style=3D'font-size:50=
%;
 mso-ansi-language:1024'>se-</span></span><span style=3D'position:absolute;
 top:62.25%;left:76.21%;width:10.48%;height:3.5%'><span style=3D'font-size:=
50%;
 mso-ansi-language:1024'>guran&ccedil;a</span></span></div>
 </div>
 <div v:shape=3D"_x0000_s277520">
 <div class=3DB1 style=3D'mso-margin-left-alt:521;mso-text-indent-alt:341'>=
</div>
 <div class=3DB2 style=3D'mso-margin-left-alt:778;mso-text-indent-alt:634'>=
</div>
 <div class=3DB3 style=3D'mso-margin-left-alt:1035;mso-text-indent-alt:891'=
></div>
 <div class=3DB style=3D'mso-margin-left-alt:109;position:absolute;top:81.7=
5%;
 left:74.34%;width:12.54%;height:3.5%'><span style=3D'position:absolute;
 top:0%;left:14.92%;width:85.07%;height:100.0%'><span style=3D'font-size:50=
%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-17.54%'>&#8226;=
</span></span><span
 lang=3DPT-BR style=3D'font-size:50%'>Auditoria</span><span style=3D'font-s=
ize:50%;
 mso-special-format:lastCR;display:none'>&#13;</span></span></div>
 </div>
 <div v:shape=3D"_x0000_s277521">
 <div class=3DB1 style=3D'mso-margin-left-alt:521;mso-text-indent-alt:341'>=
</div>
 <div class=3DB2 style=3D'mso-margin-left-alt:778;mso-text-indent-alt:634'>=
</div>
 <div class=3DB3 style=3D'mso-margin-left-alt:1035;mso-text-indent-alt:891'=
></div>
 <div class=3DB style=3D'mso-margin-left-alt:109'><span style=3D'position:a=
bsolute;
 top:55.0%;left:88.57%;width:11.98%;height:3.5%'><span style=3D'font-size:5=
0%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-15.62%'>&#8226;=
</span></span><span
 lang=3DPT-BR style=3D'font-size:50%'>Execu&ccedil;&atilde;o </span></span>=
<span
 style=3D'position:absolute;top:58.75%;left:88.57%;width:10.48%;height:3.5%=
'><span
 lang=3DPT-BR style=3D'font-size:50%'>dos </span></span><span style=3D'posi=
tion:absolute;
 top:62.25%;left:88.57%;width:10.48%;height:3.5%'><span lang=3DPT-BR
 style=3D'font-size:50%'>planos</span><span style=3D'font-size:50%;mso-spec=
ial-format:
 lastCR;display:none'>&#13;</span></span></div>
 </div>
 <div v:shape=3D"_x0000_s277522">
 <div class=3DB1 style=3D'mso-margin-left-alt:521;mso-text-indent-alt:341'>=
</div>
 <div class=3DB2 style=3D'mso-margin-left-alt:778;mso-text-indent-alt:634'>=
</div>
 <div class=3DB3 style=3D'mso-margin-left-alt:1035;mso-text-indent-alt:891'=
></div>
 <div class=3DB style=3D'mso-margin-left-alt:109;position:absolute;top:81.7=
5%;
 left:86.7%;width:12.73%;height:3.5%'><span style=3D'position:absolute;
 top:0%;left:14.7%;width:85.29%;height:100.0%'><span style=3D'font-size:50%=
'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-17.24%'>&#8226;=
</span></span><span
 lang=3DPT-BR style=3D'font-size:50%'>Empresa</span><span style=3D'font-siz=
e:50%;
 mso-special-format:lastCR;display:none'>&#13;</span></span></div>
 </div>
 <div v:shape=3D"_x0000_s277523">
 <div class=3DO1 style=3D'mso-margin-left-alt:621;mso-text-indent-alt:621'>=
</div>
 <div class=3DO2 style=3D'mso-margin-left-alt:734;mso-text-indent-alt:734'>=
</div>
 <div class=3DO style=3D'mso-margin-left-alt:395;mso-char-wrap:0;mso-kinsok=
u-overflow:
 0;position:absolute;top:87.75%;left:1.87%;width:86.7%;height:3.25%'><span
 lang=3DPT-BR style=3D'font-size:78%'>_____________________&#13;</span></di=
v>
 <div class=3DO style=3D'mso-margin-left-alt:395;mso-char-wrap:0;mso-kinsok=
u-overflow:
 0;position:absolute;top:90.75%;left:1.87%;width:88.76%;height:2.75%'><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:67%'>Nota:<span
 style=3D'mso-tab-count:1;width:3.24%'> </span>Diferentes tipos de
 associa&ccedil;&atilde;o requerem diferentes intensidades em cada fase de
 trabalho&#13;</span></div>
 <div class=3DO style=3D'mso-margin-left-alt:395;mso-char-wrap:0;mso-kinsok=
u-overflow:
 0;position:absolute;top:93.5%;left:1.87%;width:86.7%;height:2.75%'><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:67%'>Fonte:<sp=
an
 style=3D'mso-tab-count:1;width:2.46%'> </span></span><span style=3D'font-f=
amily:
 Arial;mso-hansi-font-family:Arial;font-size:67%'>&#8220;Valuation &#8211;
 Measuring and Managing the Value of Companies &#8221;</span><span lang=3DP=
T-BR
 style=3D'mso-hansi-font-family:Arial;font-size:67%'>, T</span><span
 style=3D'mso-hansi-font-family:Arial;font-size:67%;mso-ansi-language:1024'=
>.</span><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:67%'> </span><=
span
 style=3D'mso-hansi-font-family:Arial;font-size:67%;mso-ansi-language:1024'=
>Copeland</span><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:67%'> e outros=
;&#13;</span></div>
 <div class=3DO style=3D'mso-margin-left-alt:395;mso-char-wrap:0;mso-kinsok=
u-overflow:
 0;position:absolute;top:96.25%;left:1.87%;width:86.7%;height:2.75%'><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:67%'><span
 style=3D'mso-tab-count:1;width:7.9%'> </span>&#8220;</span><span
 style=3D'mso-hansi-font-family:Arial;font-size:67%'>Corporate Finance Theo=
ry and
 Practice</span><span lang=3DPT-BR style=3D'font-family:Arial;mso-hansi-fon=
t-family:
 Arial;font-size:67%'>&#8221; de A. </span><span style=3D'mso-hansi-font-fa=
mily:
 Arial;font-size:67%;mso-ansi-language:1024'>Damodaran</span><span lang=3DP=
T-BR
 style=3D'mso-hansi-font-family:Arial;font-size:67%'>; an&aacute;lise da St=
ricto
 Lato<span style=3D'mso-tab-count:1;width:2.38%'> </span></span></div>
 </div>
 <div v:shape=3D"_x0000_s277524" class=3DO style=3D'text-align:right;mso-li=
ne-spacing:
 "100 25 0";mso-char-wrap:0;mso-kinsoku-overflow:0'><span style=3D'position=
:absolute;
 top:28.0%;left:4.3%;width:19.28%;height:4.0%'><span lang=3DPT-BR
 style=3D'mso-hansi-font-family:Arial;layout-flow:vertical'><b>Posicio-</b>=
</span></span><span
 style=3D'position:absolute;top:32.0%;left:4.3%;width:19.28%;height:4.0%'><=
span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;layout-flow:vertical'><b=
>namento</b></span></span></div>
 <v:shape id=3D"_x0000_s277525" type=3D"#_x0000_t15" style=3D'position:abso=
lute;
  left:120.375pt;top:190.5pt;width:154pt;height:76pt;v-text-anchor:middle'
  o:bwmode=3D"inverseGray" adj=3D"18675" fillcolor=3D"green" strokecolor=3D=
"white [1]">
  <v:fill rotate=3D"t"/>
  <v:textbox inset=3D"0,,2mm"/>
 </v:shape><v:shape id=3D"_x0000_s277526" type=3D"#_x0000_t15" style=3D'pos=
ition:absolute;
  left:209.5pt;top:133.875pt;width:154pt;height:76pt;v-text-anchor:middle'
  o:bwmode=3D"inverseGray" adj=3D"18675" fillcolor=3D"#00c" strokecolor=3D"=
white [1]">
  <v:fill rotate=3D"t"/>
  <v:textbox inset=3D"0,,2mm"/>
 </v:shape><![if !vml]><img border=3D0 v:shapes=3D"_x0000_s277525,_x0000_s2=
77526"
 src=3D"slide0132_image014.gif" style=3D'position:absolute;top:24.75%;left:=
16.66%;
 width:34.26%;height:25.0%'><![endif]>
 <div v:shape=3D"_x0000_s277525" class=3DO style=3D'text-align:right;mso-li=
ne-spacing:
 "100 25 0";mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute;
 top:40.5%;left:16.85%;width:19.28%;height:4.0%'><span style=3D'mso-hansi-f=
ont-family:
 Arial;layout-flow:vertical'><b><i>Screening</i></b></span></div>
 <div v:shape=3D"_x0000_s277526" class=3DO style=3D'text-align:right;mso-li=
ne-spacing:
 "100 25 0";mso-char-wrap:0;mso-kinsoku-overflow:0'><span style=3D'position=
:absolute;
 top:28.0%;left:29.21%;width:19.28%;height:4.0%'><span lang=3DPT-BR
 style=3D'mso-hansi-font-family:Arial;layout-flow:vertical'><b>Avalia&ccedi=
l;&atilde;o
 e </b></span></span><span style=3D'position:absolute;top:32.0%;left:28.65%;
 width:19.66%;height:4.0%'><span lang=3DPT-BR style=3D'mso-hansi-font-famil=
y:Arial;
 layout-flow:vertical'><b>Planejamento</b></span></span></div>
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lute;
  left:298.625pt;top:190.5pt;width:154pt;height:76pt;v-text-anchor:middle'
  o:bwmode=3D"inverseGray" adj=3D"18675" fillcolor=3D"green" strokecolor=3D=
"white [1]">
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  <v:textbox inset=3D"0,,2mm"/>
 </v:shape><v:shape id=3D"_x0000_s277528" type=3D"#_x0000_t15" style=3D'pos=
ition:absolute;
  left:387.75pt;top:133.875pt;width:154pt;height:76pt;v-text-anchor:middle'
  o:bwmode=3D"inverseGray" adj=3D"18675" fillcolor=3D"#00c" strokecolor=3D"=
white [1]">
  <v:fill rotate=3D"t"/>
  <v:textbox inset=3D"0,,2mm"/>
 </v:shape><v:shape id=3D"_x0000_s277529" type=3D"#_x0000_t15" style=3D'pos=
ition:absolute;
  left:476.875pt;top:190.5pt;width:154pt;height:76pt;v-text-anchor:middle'
  o:bwmode=3D"inverseGray" adj=3D"18675" fillcolor=3D"green" strokecolor=3D=
"white [1]">
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  <v:textbox inset=3D"0,,2mm"/>
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ition:absolute;
  left:566pt;top:133.875pt;width:154pt;height:76pt;v-text-anchor:middle'
  o:bwmode=3D"inverseGray" adj=3D"18675" fillcolor=3D"#00c" strokecolor=3D"=
white [1]">
  <v:fill rotate=3D"t"/>
  <v:textbox inset=3D"0,,2mm"/>
 </v:shape><![if !vml]><img border=3D0
 v:shapes=3D"_x0000_s277527,_x0000_s277528,_x0000_s277529,_x0000_s277530"
 src=3D"slide0132_image015.gif" style=3D'position:absolute;top:24.75%;left:=
41.38%;
 width:58.98%;height:25.0%'><![endif]>
 <div v:shape=3D"_x0000_s277527" class=3DO style=3D'text-align:right;mso-li=
ne-spacing:
 "100 25 0";mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute;
 top:40.5%;left:41.57%;width:19.28%;height:4.0%'><span lang=3DPT-BR
 style=3D'mso-hansi-font-family:Arial;layout-flow:vertical'><b>Negocia&cced=
il;&atilde;o</b></span></div>
 <div v:shape=3D"_x0000_s277528" class=3DO style=3D'text-align:right;mso-li=
ne-spacing:
 "100 25 0";mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute;
 top:30.0%;left:53.93%;width:19.28%;height:4.0%'><span lang=3DPT-BR
 style=3D'mso-hansi-font-family:Arial;layout-flow:vertical'><b>Estrutura&cc=
edil;&atilde;o</b></span></div>
 <div v:shape=3D"_x0000_s277529" class=3DO style=3D'text-align:right;mso-li=
ne-spacing:
 "100 25 0";mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute;
 top:40.5%;left:65.91%;width:19.66%;height:4.0%'><span style=3D'mso-hansi-f=
ont-family:
 Arial;layout-flow:vertical'><b><i>Due diligence</i></b></span></div>
 <div v:shape=3D"_x0000_s277530" class=3DO style=3D'text-align:right;mso-li=
ne-spacing:
 "100 25 0";mso-char-wrap:0;mso-kinsoku-overflow:0;position:absolute;
 top:30.0%;left:75.84%;width:22.09%;height:4.0%'><span lang=3DPT-BR
 style=3D'mso-hansi-font-family:Arial;layout-flow:vertical'><b>Implementa&c=
cedil;&atilde;o</b></span></div>
 <v:line id=3D"_x0000_s277531" style=3D'position:absolute;flip:x;v-text-anc=
hor:middle'
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  <v:stroke dashstyle=3D"dash"/>
  <v:shadow color=3D"#036 [2]"/>
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ition:absolute;
  left:552.25pt;top:95.75pt;width:85.5pt;height:28.875pt;mso-wrap-style:non=
e;
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=3D"f"
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  <v:fill color2=3D"#009 [0]"/>
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  <v:textbox style=3D'mso-fit-shape-to-text:t'/>
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 src=3D"slide0132_image016.gif" style=3D'position:absolute;top:22.5%;left:8=
2.2%;
 width:.74%;height:29.0%'><![endif]>
 <div v:shape=3D"_x0000_s277532" class=3DO style=3D'text-align:center;posit=
ion:absolute;
 top:18.75%;left:76.77%;width:11.98%;height:4.0%'><span lang=3DPT-BR><b>Neg=
&oacute;cio</b></span><span
 style=3D'mso-special-format:lastCR;display:none'><b>&#13;</b></span></div>
 <v:line id=3D"_x0000_s277533" style=3D'position:absolute;v-text-anchor:mid=
dle'
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  strokeweight=3D"2.25pt">
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ition:absolute;
  left:649.125pt;top:243.5pt;width:73.75pt;height:28.875pt' filled=3D"f"
  fillcolor=3D"#36c [4]" stroked=3D"f" strokecolor=3D"white [1]">
  <v:fill color2=3D"#009 [0]"/>
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</div>
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5%;
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<span
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ze:
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</div>
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</div>
 <div class=3DB3 style=3D'mso-margin-left-alt:1035;mso-text-indent-alt:891'=
></div>
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let;
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</div>
 <div class=3DB2 style=3D'mso-margin-left-alt:778;mso-text-indent-alt:634'>=
</div>
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bsolute;
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50%'><span
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lute;
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nguage:
 1024'>can-</span></span><span style=3D'position:absolute;top:75.75%;left:2=
6.77%;
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024'>didatos</span></span></div>
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</div>
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</div>
 <div class=3DB3 style=3D'mso-margin-left-alt:1035;mso-text-indent-alt:891'=
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5%;
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%'><span
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bsolute;
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0%'><span
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><span
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</div>
 <div class=3DB2 style=3D'mso-margin-left-alt:778;mso-text-indent-alt:634'>=
</div>
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></div>
 <div class=3DB style=3D'mso-margin-left-alt:109'><span style=3D'position:a=
bsolute;
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50%'><span
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n></span><span
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span></div>
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 <div class=3DB1 style=3D'mso-margin-left-alt:521;mso-text-indent-alt:341'>=
</div>
 <div class=3DB2 style=3D'mso-margin-left-alt:778;mso-text-indent-alt:634'>=
</div>
 <div class=3DB3 style=3D'mso-margin-left-alt:1035;mso-text-indent-alt:891'=
></div>
 <div class=3DB style=3D'mso-margin-left-alt:109'><span style=3D'position:a=
bsolute;
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50%'><span
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'><span
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</div>
 <div class=3DB2 style=3D'mso-margin-left-alt:778;mso-text-indent-alt:634'>=
</div>
 <div class=3DB3 style=3D'mso-margin-left-alt:1035;mso-text-indent-alt:891'=
></div>
 <div class=3DB style=3D'mso-margin-left-alt:109'><span style=3D'position:a=
bsolute;
 top:68.75%;left:76.21%;width:10.48%;height:3.5%'><span style=3D'font-size:=
50%'><span
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</span></span><span
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'><span
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0%;
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te;
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50%;
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</div>
 <div class=3DB2 style=3D'mso-margin-left-alt:778;mso-text-indent-alt:634'>=
</div>
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></div>
 <div class=3DB style=3D'mso-margin-left-alt:109;position:absolute;top:68.7=
5%;
 left:86.7%;width:12.54%;height:3.5%'><span style=3D'position:absolute;
 top:0%;left:14.92%;width:83.58%;height:100.0%'><span style=3D'font-size:50=
%'><span
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</span></span><span
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:50%;
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on:absolute;
 top:64.75%;left:9.92%;width:35.39%;height:4.5%'><span style=3D'font-size:7=
1%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-10.58%'>&#8226;=
</span></span><span
 lang=3DPT-BR style=3D'font-size:71%'>Avalia&ccedil;&atilde;o profunda dos =
</span></span><span
 style=3D'position:absolute;top:68.5%;left:9.92%;width:35.39%;height:4.5%'>=
<span
 lang=3DPT-BR style=3D'font-size:71%'>candidatos </span><span style=3D'font=
-size:
 71%'><i>short-listed</i></span><span lang=3DPT-BR style=3D'font-size:71%'>=
 &#13;</span></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"80 20 0"'><span style=3D'positi=
on:absolute;
 top:72.75%;left:9.92%;width:35.39%;height:4.5%'><span style=3D'font-size:7=
1%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-10.58%'>&#8226;=
</span></span><span
 lang=3DPT-BR style=3D'font-size:71%'>Negocia&ccedil;&atilde;o criteriosa e=
 </span></span><span
 style=3D'position:absolute;top:76.5%;left:9.92%;width:35.39%;height:4.5%'>=
<span
 lang=3DPT-BR style=3D'font-size:71%'>objetiva&#13;</span></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"80 20 0"'><span style=3D'positi=
on:absolute;
 top:80.75%;left:9.92%;width:41.19%;height:4.5%'><span style=3D'font-size:7=
1%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-9.09%'>&#8226;<=
/span></span><span
 lang=3DPT-BR style=3D'font-size:71%'>Gest&atilde;o dos conflitos ap&oacute=
;s a </span></span><span
 style=3D'position:absolute;top:84.5%;left:9.92%;width:35.39%;height:4.5%'>=
<span
 lang=3DPT-BR style=3D'font-size:71%'>associa&ccedil;&atilde;o</span><span
 style=3D'font-size:71%;mso-special-format:lastCR;display:none'>&#13;</span=
></span></div>
 </div>
 <div v:shape=3D"_x0000_s278534">
 <div class=3DHB style=3D'mso-line-spacing:"80 20 0";position:absolute;top:=
23.0%;
 left:54.86%;width:39.13%;height:4.5%'><span style=3D'mso-special-format:no=
bullet;
 display:none'>&#8226;</span><span lang=3DPT-BR style=3D'font-size:71%'><u>=
Erros
 mais comuns&#13;</u></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"80 20 0";position:absolute;top:=
27.25%;
 left:54.86%;width:44.19%;height:4.5%'><span style=3D'position:absolute;
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'><span
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/span></span><span
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;</span></span></div>
 <div class=3DHB1 style=3D'mso-line-spacing:"80 20 0";position:absolute;top=
:31.75%;
 left:59.92%;width:34.26%;height:4.0%'><span style=3D'position:absolute;
 top:0%;left:9.28%;width:90.71%;height:100.0%'><span style=3D'font-size:75%=
'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-10.24%'>&#8211;=
</span></span><span
 lang=3DPT-BR style=3D'font-size:75%'>Vendas / mercado&#13;</span></span></=
div>
 <div class=3DHB1 style=3D'mso-line-spacing:"80 20 0"'><span style=3D'posit=
ion:absolute;
 top:35.75%;left:63.1%;width:33.89%;height:4.0%'><span style=3D'font-size:7=
5%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-9.39%'>&#8211;<=
/span></span><span
 lang=3DPT-BR style=3D'font-size:75%'>Sinergias / economias de </span></spa=
n><span
 style=3D'position:absolute;top:39.0%;left:63.1%;width:31.08%;height:4.0%'>=
<span
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 <div class=3DHB style=3D'mso-line-spacing:"80 20 0"'><span style=3D'positi=
on:absolute;
 top:43.0%;left:58.61%;width:35.39%;height:4.5%'><span style=3D'font-size:7=
1%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-10.58%'>&#8226;=
</span></span><span
 lang=3DPT-BR style=3D'font-size:71%'>Falha em perceber </span></span><span
 style=3D'position:absolute;top:46.5%;left:58.61%;width:37.26%;height:4.5%'=
><span
 lang=3DPT-BR style=3D'font-size:71%'>problemas durante o </span><span
 style=3D'font-size:71%'><i>due </i></span></span><span style=3D'position:a=
bsolute;
 top:50.25%;left:58.61%;width:35.39%;height:4.5%'><span style=3D'font-size:=
71%'><i>diligence</i></span><span
 lang=3DPT-BR style=3D'font-size:71%;display:none'>&#13;</span></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"80 20 0"'><span style=3D'positi=
on:absolute;
 top:54.5%;left:58.61%;width:40.63%;height:4.5%'><span style=3D'font-size:7=
1%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-9.21%'>&#8226;<=
/span></span><span
 lang=3DPT-BR style=3D'font-size:71%'>Valoriza&ccedil;&atilde;o inadequada =
da </span></span><span
 style=3D'position:absolute;top:58.25%;left:58.61%;width:35.39%;height:4.5%=
'><span
 lang=3DPT-BR style=3D'font-size:71%'>contribui&ccedil;&atilde;o de cada </=
span></span><span
 style=3D'position:absolute;top:61.75%;left:58.61%;width:35.39%;height:4.5%=
'><span
 lang=3DPT-BR style=3D'font-size:71%'>empresa ou dos pre&ccedil;os&#13;</sp=
an></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"80 20 0"'><span style=3D'positi=
on:absolute;
 top:66.25%;left:58.61%;width:38.2%;height:4.5%'><span style=3D'font-size:7=
1%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-9.8%'>&#8226;</=
span></span><span
 lang=3DPT-BR style=3D'font-size:71%'>Implementa&ccedil;&atilde;o deficient=
e </span></span><span
 style=3D'position:absolute;top:69.75%;left:58.61%;width:35.39%;height:4.5%=
'><span
 lang=3DPT-BR style=3D'font-size:71%'>dos planos em conjunto</span><span
 style=3D'font-size:71%;mso-special-format:lastCR;display:none'>&#13;</span=
></span></div>
 </div>
 <div v:shape=3D"_x0000_s278535">
 <div class=3DO1 style=3D'mso-margin-left-alt:621;mso-text-indent-alt:621'>=
</div>
 <div class=3DO2 style=3D'mso-margin-left-alt:734;mso-text-indent-alt:734'>=
</div>
 <div class=3DO style=3D'mso-margin-left-alt:395;mso-char-wrap:0;mso-kinsok=
u-overflow:
 0;position:absolute;top:90.5%;left:1.87%;width:86.7%;height:3.25%'><span
 lang=3DPT-BR style=3D'font-size:78%'>_____________________&#13;</span></di=
v>
 <div class=3DO style=3D'mso-margin-left-alt:395;mso-char-wrap:0;mso-kinsok=
u-overflow:
 0;position:absolute;top:93.5%;left:1.87%;width:86.7%;height:2.75%'><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:67%'>Fonte:<sp=
an
 style=3D'mso-tab-count:1;width:2.46%'> </span>&#8220;</span><span
 style=3D'mso-hansi-font-family:Arial;font-size:67%'>When to think alliance=
</span><span
 lang=3DPT-BR style=3D'font-family:Arial;mso-hansi-font-family:Arial;font-s=
ize:
 67%'>&#8221; &#8211; </span><span style=3D'mso-hansi-font-family:Arial;
 font-size:67%'>D. Ernst e T. </span><span style=3D'mso-hansi-font-family:A=
rial;
 font-size:67%;mso-ansi-language:1024'>Halevy</span><span lang=3DPT-BR
 style=3D'mso-hansi-font-family:Arial;font-size:67%'>;&#13;</span></div>
 <div class=3DO style=3D'mso-margin-left-alt:395;mso-char-wrap:0;mso-kinsok=
u-overflow:
 0;position:absolute;top:96.25%;left:1.87%;width:86.7%;height:2.75%'><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:67%'><span
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mily:
 Arial;mso-hansi-font-family:Arial;font-size:67%'>&#8220;Valuation &#8211;
 Measuring and Managing the Value of Companies &#8221;</span><span lang=3DP=
T-BR
 style=3D'mso-hansi-font-family:Arial;font-size:67%'>, T</span><span
 style=3D'mso-hansi-font-family:Arial;font-size:67%;mso-ansi-language:1024'=
>.</span><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:67%'> </span><=
span
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n><span
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%'><span
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an><span
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pan
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 style=3D'position:absolute;top:27.25%;left:6.36%;width:36.32%;height:2.75%=
'><span
 lang=3DPT-BR style=3D'font-size:43%'>algumas variantes</span><span lang=3D=
PT-BR
 style=3D'font-size:29%;position:relative;top:-.45em;mso-text-raise:30%'>(1=
)</span><span
 lang=3DPT-BR style=3D'font-size:43%'>, mas de forma geral </span></span><s=
pan
 style=3D'position:absolute;top:29.5%;left:6.36%;width:36.51%;height:2.75%'=
><span
 lang=3DPT-BR style=3D'font-size:43%'>consiste em descontar os fluxos de ca=
ixa </span></span><span
 style=3D'position:absolute;top:32.0%;left:6.36%;width:39.32%;height:2.75%'=
><span
 lang=3DPT-BR style=3D'font-size:43%'>projetados para a opera&ccedil;&atild=
e;o a
 valor presente </span></span><span style=3D'position:absolute;top:34.5%;
 left:6.36%;width:43.44%;height:2.75%'><span lang=3DPT-BR style=3D'font-siz=
e:43%'>segundo
 uma taxa de custo m&eacute;dio ponderado de </span></span><span
 style=3D'position:absolute;top:36.75%;left:6.36%;width:36.32%;height:2.75%=
'><span
 lang=3DPT-BR style=3D'font-size:43%'>capital (WACC).&#13;</span></span></d=
iv>
 <div class=3DHB style=3D'mso-line-spacing:"90 30 0";mso-margin-left-alt:11=
0'><span
 style=3D'position:absolute;top:40.0%;left:6.36%;width:40.26%;height:2.75%'=
><span
 style=3D'font-size:43%'><span style=3D'mso-special-format:bullet;position:=
absolute;
 left:-4.65%'>&#8226;</span></span><span lang=3DPT-BR style=3D'font-size:43=
%'>Compar&aacute;veis,
 geralmente m&uacute;ltiplos de algum </span></span><span style=3D'position=
:absolute;
 top:42.5%;left:6.36%;width:43.44%;height:2.75%'><span lang=3DPT-BR
 style=3D'font-size:43%'>fator: &uacute;teis para estimar rapidamente a ord=
em de </span></span><span
 style=3D'position:absolute;top:44.75%;left:6.36%;width:36.32%;height:2.75%=
'><span
 lang=3DPT-BR style=3D'font-size:43%'>grandeza do valor da opera&ccedil;&at=
ilde;o e
 para </span></span><span style=3D'position:absolute;top:47.25%;left:6.36%;
 width:36.32%;height:2.75%'><span lang=3DPT-BR style=3D'font-size:43%'>insp=
ecionar
 o c&aacute;lculo de DCF&#13;</span></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"90 30 0";mso-margin-left-alt:11=
0'><span
 style=3D'position:absolute;top:50.5%;left:6.36%;width:39.13%;height:2.75%'=
><span
 style=3D'font-size:43%'><span style=3D'mso-special-format:bullet;position:=
absolute;
 left:-4.78%'>&#8226;</span></span><span lang=3DPT-BR style=3D'font-size:43=
%'>Valor
 de liquida&ccedil;&atilde;o ou reposi&ccedil;&atilde;o dos ativos: </span>=
</span><span
 style=3D'position:absolute;top:52.75%;left:6.36%;width:41.57%;height:2.75%=
'><span
 lang=3DPT-BR style=3D'font-size:43%'>quando o objeto da compra n&atilde;o =
&eacute;
 a empresa e </span></span><span style=3D'position:absolute;top:55.25%;
 left:6.36%;width:36.32%;height:2.75%'><span lang=3DPT-BR style=3D'font-siz=
e:43%'>sim
 seu patrim&ocirc;nio&#13;</span></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"90 60 0";mso-margin-left-alt:11=
0;
 position:absolute;top:59.25%;left:4.49%;width:45.69%;height:2.75%'><span
 style=3D'mso-special-format:nobullet;display:none'>&#8226;</span><span
 lang=3DPT-BR style=3D'font-size:43%'><b>Fatores adicionais para
 determina&ccedil;&atilde;o do pre&ccedil;o:&#13;</b></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"90 30 0";mso-margin-left-alt:11=
0;
 position:absolute;top:62.5%;left:4.49%;width:38.38%;height:2.75%'><span
 style=3D'position:absolute;top:0%;left:4.87%;width:94.63%;height:100.0%'><=
span
 style=3D'font-size:43%'><span style=3D'mso-special-format:bullet;position:=
absolute;
 left:-5.15%'>&#8226;</span></span><span lang=3DPT-BR style=3D'font-size:43=
%'>Caixa</span><span
 lang=3DPT-BR style=3D'font-size:29%;position:relative;top:-.45em;mso-text-=
raise:
 30%'>(2)</span><span lang=3DPT-BR style=3D'font-size:43%'><span
 style=3D'mso-spacerun:yes'>&nbsp;</span>e ativos n&atilde;o operacionais&#=
13;</span></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"90 30 0";mso-margin-left-alt:11=
0'><span
 style=3D'position:absolute;top:65.75%;left:6.36%;width:36.32%;height:2.75%=
'><span
 style=3D'font-size:43%'><span style=3D'mso-special-format:bullet;position:=
absolute;
 left:-5.15%'>&#8226;</span></span><span lang=3DPT-BR style=3D'font-size:43=
%'>Compromissos
 existentes<br>
  </span></span><span style=3D'position:absolute;top:68.0%;left:6.36%;width=
:36.32%;
 height:2.75%'><span lang=3DPT-BR style=3D'font-size:43%'>fora dos
 balan&ccedil;os&#13;</span></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"90 30 0";mso-margin-left-alt:11=
0;
 position:absolute;top:71.25%;left:4.49%;width:38.38%;height:2.75%'><span
 style=3D'position:absolute;top:0%;left:4.87%;width:94.63%;height:100.0%'><=
span
 style=3D'font-size:43%'><span style=3D'mso-special-format:bullet;position:=
absolute;
 left:-5.15%'>&#8226;</span></span><span lang=3DPT-BR style=3D'font-size:43=
%'>Pr&ecirc;mio
 de controle&#13;</span></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"90 30 0";mso-margin-left-alt:11=
0'><span
 style=3D'position:absolute;top:74.5%;left:6.36%;width:36.32%;height:2.75%'=
><span
 style=3D'font-size:43%'><span style=3D'mso-special-format:bullet;position:=
absolute;
 left:-5.15%'>&#8226;</span></span><span lang=3DPT-BR style=3D'font-size:43=
%'>Desconto
 por falta<br>
  </span></span><span style=3D'position:absolute;top:77.0%;left:6.36%;width=
:36.32%;
 height:2.75%'><span lang=3DPT-BR style=3D'font-size:43%'>de liquidez&#13;<=
/span></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"90 30 0";mso-margin-left-alt:11=
0;
 position:absolute;top:80.25%;left:4.49%;width:38.38%;height:2.75%'><span
 style=3D'position:absolute;top:0%;left:4.87%;width:94.63%;height:100.0%'><=
span
 style=3D'font-size:43%;visibility:hidden'><span style=3D'mso-special-forma=
t:bullet;
 position:absolute;left:-5.15%'>&#8226;</span></span><span lang=3DPT-BR
 style=3D'font-size:43%;mso-special-format:lastCR;display:none'>&#13;</span=
></span></div>
 </div>
 <div v:shape=3D"_x0000_s275460">
 <div class=3DHB1 style=3D'mso-margin-left-alt:522;mso-text-indent-alt:342'=
></div>
 <div class=3DHB2 style=3D'mso-margin-left-alt:779;mso-text-indent-alt:635'=
></div>
 <div class=3DHB3 style=3D'mso-margin-left-alt:1036;mso-text-indent-alt:892=
'></div>
 <div class=3DHB style=3D'mso-line-spacing:"90 30 -40";mso-margin-left-alt:=
110;
 position:absolute;top:19.0%;left:45.5%;width:50.18%;height:2.75%'><span
 style=3D'mso-special-format:nobullet;display:none'>&#8226;</span><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:43%'><b>Trabal=
hos
 realizados para o lado comprador:&#13;</b></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"90 30 -40";mso-margin-left-alt:=
110'><span
 style=3D'position:absolute;top:23.25%;left:47.37%;width:52.99%;height:2.75=
%'><span
 style=3D'font-size:43%'><span style=3D'mso-special-format:bullet;position:=
absolute;
 left:-3.53%'>&#8226;</span></span><span lang=3DPT-BR style=3D'mso-hansi-fo=
nt-family:
 Arial;font-size:43%'>Consultoria de estrat&eacute;gia para um grupo papele=
iro
 europeu, </span></span><span style=3D'position:absolute;top:25.75%;left:47=
.37%;
 width:54.49%;height:2.75%'><span lang=3DPT-BR style=3D'mso-hansi-font-fami=
ly:Arial;
 font-size:43%'>trabalhando em conjunto com o CSFB (responsabilidade pela <=
/span></span><span
 style=3D'position:absolute;top:28.0%;left:47.37%;width:50.37%;height:2.75%=
'><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:43%'>estrutura=
&ccedil;&atilde;o),
 para escolher, avaliar (DCF) e adquirir um </span></span><span
 style=3D'position:absolute;top:30.5%;left:47.37%;width:48.31%;height:2.75%=
'><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:43%'>conjunto =
de
 plantas nos EUA, em transa&ccedil;&atilde;o de </span></span><span
 style=3D'position:absolute;top:33.0%;left:47.37%;width:48.31%;height:2.75%=
'><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:43%'>aproximad=
amente
 US$ 1 bilh&atilde;o&#13;</span></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"90 30 -40";mso-margin-left-alt:=
110'><span
 style=3D'position:absolute;top:37.0%;left:47.37%;width:54.86%;height:2.75%=
'><span
 style=3D'font-size:43%'><span style=3D'mso-special-format:bullet;position:=
absolute;
 left:-3.41%'>&#8226;</span></span><span lang=3DPT-BR style=3D'mso-hansi-fo=
nt-family:
 Arial;font-size:43%'>Consultoria de estrat&eacute;gia para uma das maiores
 empresas de </span></span><span style=3D'position:absolute;top:39.5%;left:=
47.37%;
 width:51.31%;height:2.75%'><span lang=3DPT-BR style=3D'mso-hansi-font-fami=
ly:Arial;
 font-size:43%'>telecomunica&ccedil;&otilde;es no Brasil para avaliar
 oportunidades de </span></span><span style=3D'position:absolute;top:41.75%;
 left:47.37%;width:50.93%;height:2.75%'><span lang=3DPT-BR style=3D'mso-han=
si-font-family:
 Arial;font-size:43%'>aquisi&ccedil;&atilde;o de duas outras importantes
 empresas do setor, </span></span><span style=3D'position:absolute;top:44.2=
5%;
 left:47.37%;width:56.74%;height:2.75%'><span lang=3DPT-BR style=3D'mso-han=
si-font-family:
 Arial;font-size:43%'>levando a recomenda&ccedil;&otilde;es de </span><span
 style=3D'mso-hansi-font-family:Arial;font-size:43%'><i>no-go</i></span><sp=
an
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:43%'> &#8211; =
que o
 mercado confirmou </span></span><span style=3D'position:absolute;top:46.75=
%;
 left:47.37%;width:55.8%;height:2.75%'><span lang=3DPT-BR style=3D'mso-hans=
i-font-family:
 Arial;font-size:43%'>ao depreciar fortemente essas empresas nos meses
 seguintes&#13;</span></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"90 30 -40";mso-margin-left-alt:=
110'><span
 style=3D'position:absolute;top:50.75%;left:47.37%;width:57.3%;height:2.75%=
'><span
 style=3D'font-size:43%'><span style=3D'mso-special-format:bullet;position:=
absolute;
 left:-3.26%'>&#8226;</span></span><span lang=3DPT-BR style=3D'mso-hansi-fo=
nt-family:
 Arial;font-size:43%'>Consultoria para uma importante empresa brasileira de
 servi&ccedil;os, </span></span><span style=3D'position:absolute;top:53.25%;
 left:47.37%;width:55.99%;height:2.75%'><span lang=3DPT-BR style=3D'mso-han=
si-font-family:
 Arial;font-size:43%'>planejando a cria&ccedil;&atilde;o de um novo
 neg&oacute;cio que incluiu a compra </span></span><span style=3D'position:=
absolute;
 top:55.75%;left:47.37%;width:56.36%;height:2.75%'><span lang=3DPT-BR
 style=3D'mso-hansi-font-family:Arial;font-size:43%'>de uma empresa j&aacut=
e;
 atuante no setor. Revisamos e corrigimos o </span></span><span
 style=3D'position:absolute;top:58.0%;left:47.37%;width:57.86%;height:2.75%=
'><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:43%'><i>DCF</i=
></span><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:43%'> </span><=
span
 style=3D'mso-hansi-font-family:Arial;font-size:43%'><i>valuation</i></span=
><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:43%'> a n&oacu=
te;s
 apresentado, reduzindo significativamente o </span></span><span
 style=3D'position:absolute;top:60.5%;left:47.37%;width:48.31%;height:2.75%=
'><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:43%'>patamar de
 pre&ccedil;os para negocia&ccedil;&atilde;o.&#13;</span></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"90 60 -40";mso-margin-left-alt:=
110;
 position:absolute;top:65.25%;left:45.5%;width:50.18%;height:2.75%'><span
 style=3D'mso-special-format:nobullet;display:none'>&#8226;</span><span
 lang=3DPT-BR style=3D'mso-hansi-font-family:Arial;font-size:43%'><b>Trabal=
hos
 realizados para o lado vendedor:&#13;</b></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"90 30 -40";mso-margin-left-alt:=
110'><span
 style=3D'position:absolute;top:69.5%;left:47.37%;width:54.68%;height:2.75%=
'><span
 style=3D'font-size:43%'><span style=3D'mso-special-format:bullet;position:=
absolute;
 left:-3.42%'>&#8226;</span></span><span lang=3DPT-BR style=3D'mso-hansi-fo=
nt-family:
 Arial;font-size:43%'>Busca de parceiros internacionais para capitalizar e
 permitir a </span></span><span style=3D'position:absolute;top:72.0%;left:4=
7.37%;
 width:52.62%;height:2.75%'><span lang=3DPT-BR style=3D'mso-hansi-font-fami=
ly:Arial;
 font-size:43%'>expans&atilde;o de uma empresa nacional de
 comercializa&ccedil;&atilde;o de </span></span><span style=3D'position:abs=
olute;
 top:74.25%;left:47.37%;width:57.3%;height:2.75%'><span lang=3DPT-BR
 style=3D'mso-hansi-font-family:Arial;font-size:43%'>espa&ccedil;o
 publicit&aacute;rio. Planejamento e proje&ccedil;&atilde;o dos fluxos de c=
aixa
 </span></span><span style=3D'position:absolute;top:76.75%;left:47.37%;
 width:53.18%;height:2.75%'><span lang=3DPT-BR style=3D'mso-hansi-font-fami=
ly:Arial;
 font-size:43%'>do neg&oacute;cio expandido, avalia&ccedil;&atilde;o e
 negocia&ccedil;&atilde;o da venda de </span></span><span style=3D'position=
:absolute;
 top:79.25%;left:47.37%;width:53.93%;height:2.75%'><span lang=3DPT-BR
 style=3D'mso-hansi-font-family:Arial;font-size:43%'>participa&ccedil;&atil=
de;o
 majorit&aacute;ria para o grupo internacional escolhido.</span></span></di=
v>
 </div>
 <div v:shape=3D"_x0000_s275461">
 <div class=3DO1 style=3D'mso-margin-left-alt:837;mso-text-indent-alt:621'>=
</div>
 <div class=3DO2 style=3D'mso-margin-left-alt:950;mso-text-indent-alt:734'>=
</div>
 <div class=3DO3 style=3D'mso-margin-left-alt:1080'></div>
 <div class=3DO4 style=3D'mso-margin-left-alt:1368'></div>
 <div class=3DO style=3D'mso-margin-left-alt:395;mso-char-wrap:0;mso-kinsok=
u-overflow:
 0;position:absolute;top:79.75%;left:1.87%;width:86.7%;height:3.25%'><span
 lang=3DPT-BR style=3D'font-size:78%'>_____________________&#13;</span></di=
v>
 <div class=3DO style=3D'mso-margin-left-alt:395;mso-char-wrap:0;mso-kinsok=
u-overflow:
 0'><span style=3D'position:absolute;top:82.75%;left:1.87%;width:99.25%;
 height:2.75%'><span lang=3DPT-BR style=3D'font-size:67%'>(1)<span
 style=3D'mso-tab-count:1;width:4.86%'> </span>T. Copeland (abaixo) cita e
 discute variantes do modelo DCF:</span><span lang=3DPT-BR style=3D'font-si=
ze:67%'><i>
 APV, </i></span><span style=3D'font-size:67%'><i>Equity</i></span><span
 lang=3DPT-BR style=3D'font-size:67%'><i> DCF</i></span><span lang=3DPT-BR
 style=3D'font-size:67%'>, </span><span style=3D'font-size:67%'><i>Option m=
odels,
 real X </i></span></span><span style=3D'position:absolute;top:85.5%;left:8=
.61%;
 width:79.96%;height:2.75%'><span style=3D'font-size:67%'><i>nominal cash f=
lows,
 pre-tax X after-tax cash-flows, formula-based X explicit forecasts</i></sp=
an><span
 lang=3DPT-BR style=3D'font-size:67%'>.&#13;</span></span></div>
 <div class=3DO style=3D'mso-margin-left-alt:395;mso-char-wrap:0;mso-kinsok=
u-overflow:
 0;position:absolute;top:88.25%;left:1.87%;width:92.88%;height:2.75%'><span
 lang=3DPT-BR style=3D'font-size:67%'>(2)<span style=3D'mso-tab-count:1;wid=
th:5.19%'>
 </span>Algumas metodologias consideram parte do caixa (ex.: 2% das vendas)
 como ativo operacional&#13;</span></div>
 <div class=3DO style=3D'mso-margin-left-alt:395;mso-char-wrap:0;mso-kinsok=
u-overflow:
 0'><span style=3D'position:absolute;top:90.75%;left:1.87%;width:98.87%;
 height:2.75%'><span style=3D'font-size:67%;mso-ansi-language:1024'>Fonte:<=
span
 style=3D'mso-tab-count:1;width:2.15%'> </span></span><span style=3D'font-s=
ize:
 67%'>&#8220;Valuation &#8211; Measuring and Managing the Value of Companies
 &#8221;</span><span lang=3DPT-BR style=3D'font-size:67%'> de T</span><span
 style=3D'font-size:67%;mso-ansi-language:1024'>.</span><span lang=3DPT-BR
 style=3D'font-size:67%'> </span><span style=3D'font-size:67%'>Copeland</sp=
an><span
 lang=3DPT-BR style=3D'font-size:67%'> e outros; </span><span style=3D'font=
-size:
 67%;mso-ansi-language:1024'>&#8220;Finance for </span></span><span
 style=3D'position:absolute;top:93.5%;left:8.61%;width:90.63%;height:2.75%'=
><span
 style=3D'font-size:67%;mso-ansi-language:1024'>Executives &#8211; Managing=
 for
 Value Creation&#8221; &#8211; G.</span><span lang=3DPT-BR style=3D'font-si=
ze:67%'>
 H</span><span style=3D'font-size:67%;mso-ansi-language:1024'>awawini e C.<=
/span><span
 lang=3DPT-BR style=3D'font-size:67%'> </span><span style=3D'font-size:67%;
 mso-ansi-language:1024'>Viallet</span><span lang=3DPT-BR style=3D'font-siz=
e:67%'>;
 </span><span style=3D'font-size:67%;mso-ansi-language:1024'>&#8220;Corpora=
te
 Finance Theory and </span></span><span style=3D'position:absolute;top:96.2=
5%;
 left:8.61%;width:79.96%;height:2.75%'><span style=3D'font-size:67%;mso-ans=
i-language:
 1024'>Practice&#8221; de A. Damodaran</span><span lang=3DPT-BR style=3D'fo=
nt-size:
 67%'>; coment&aacute;rios da Stricto Lato</span><span style=3D'font-size:6=
7%;
 mso-ansi-language:1024;mso-special-format:lastCR;display:none'>&#13;</span=
></span></div>
 </div>
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0.14%;
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11)
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.25%;
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 <div class=3DHB style=3D'mso-line-spacing:"90 20 0"'><span style=3D'positi=
on:absolute;
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1%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-9.7%'>&#8226;</=
span></span><span
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 style=3D'position:absolute;top:25.25%;left:9.73%;width:39.13%;height:4.5%'=
><span
 lang=3DPT-BR style=3D'font-size:71%'>condicionando a venda de </span></spa=
n><span
 style=3D'position:absolute;top:29.25%;left:9.73%;width:44.0%;height:4.5%'>=
<span
 lang=3DPT-BR style=3D'font-size:71%'>participa&ccedil;&otilde;es
 p&oacute;s-associa&ccedil;&atilde;o&#13;</span></span></div>
 <div class=3DHB1 style=3D'mso-line-spacing:"90 20 0"'><span style=3D'posit=
ion:absolute;
 top:34.0%;left:14.04%;width:34.26%;height:4.0%'><span style=3D'font-size:7=
5%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-8.74%'>&#8211;<=
/span></span><span
 style=3D'font-size:75%'><i>Tag-along</i></span><span lang=3DPT-BR
 style=3D'font-size:75%'>: direito do </span></span><span style=3D'position=
:absolute;
 top:37.5%;left:14.04%;width:34.26%;height:4.0%'><span lang=3DPT-BR
 style=3D'font-size:75%'>minorit&aacute;rio a vender </span></span><span
 style=3D'position:absolute;top:41.25%;left:14.04%;width:38.2%;height:4.0%'=
><span
 lang=3DPT-BR style=3D'font-size:75%'>acompanhando o majorit&aacute;rio&#13=
;</span></span></div>
 <div class=3DHB1 style=3D'mso-line-spacing:"90 20 0"'><span style=3D'posit=
ion:absolute;
 top:45.75%;left:14.04%;width:34.83%;height:4.0%'><span style=3D'font-size:=
75%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-8.6%'>&#8211;</=
span></span><span
 style=3D'font-size:75%'><i>Drag-along</i></span><span lang=3DPT-BR
 style=3D'font-size:75%'> : obriga&ccedil;&atilde;o do </span></span><span
 style=3D'position:absolute;top:49.25%;left:14.04%;width:34.26%;height:4.0%=
'><span
 lang=3DPT-BR style=3D'font-size:75%'>minorit&aacute;rio de vender </span><=
/span><span
 style=3D'position:absolute;top:52.75%;left:14.04%;width:38.2%;height:4.0%'=
><span
 lang=3DPT-BR style=3D'font-size:75%'>acompanhando o majorit&aacute;rio&#13=
;</span></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"90 50 0"'><span style=3D'positi=
on:absolute;
 top:58.75%;left:9.73%;width:38.57%;height:4.5%'><span style=3D'font-size:7=
1%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-9.7%'>&#8226;</=
span></span><span
 lang=3DPT-BR style=3D'font-size:71%'>Assessorar-se por </span></span><span
 style=3D'position:absolute;top:62.75%;left:9.73%;width:38.57%;height:4.5%'=
><span
 lang=3DPT-BR style=3D'font-size:71%'>profissionais qualificados&#13;</span=
></span></div>
 <div class=3DHB1 style=3D'mso-line-spacing:"90 20 0";position:absolute;top=
:67.5%;
 left:11.04%;width:37.26%;height:4.0%'><span style=3D'position:absolute;
 top:0%;left:8.04%;width:91.95%;height:100.0%'><span style=3D'font-size:75%=
'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-8.74%'>&#8211;<=
/span></span><span
 lang=3DPT-BR style=3D'font-size:75%'>Estrat&eacute;gia por consultoria&#13=
;</span></span></div>
 <div class=3DHB1 style=3D'mso-line-spacing:"90 20 0"'><span style=3D'posit=
ion:absolute;
 top:72.0%;left:14.04%;width:34.26%;height:4.0%'><span style=3D'font-size:7=
5%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-8.74%'>&#8211;<=
/span></span><span
 style=3D'font-size:75%'><i>Due diligence</i></span><span lang=3DPT-BR
 style=3D'font-size:75%'> f&iacute;sico e </span></span><span style=3D'posi=
tion:
 absolute;top:75.5%;left:14.04%;width:34.26%;height:4.0%'><span lang=3DPT-BR
 style=3D'font-size:75%'>financeiro por auditor ou </span></span><span
 style=3D'position:absolute;top:79.25%;left:14.04%;width:34.26%;height:4.0%=
'><span
 lang=3DPT-BR style=3D'font-size:75%'>contador&#13;</span></span></div>
 <div class=3DHB1 style=3D'mso-line-spacing:"90 20 0"'><span style=3D'posit=
ion:absolute;
 top:83.5%;left:14.04%;width:34.26%;height:4.0%'><span style=3D'font-size:7=
5%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-8.74%'>&#8211;<=
/span></span><span
 lang=3DPT-BR style=3D'font-size:75%'>Contratos revisados por </span></span=
><span
 style=3D'position:absolute;top:87.25%;left:14.04%;width:34.26%;height:4.0%=
'><span
 lang=3DPT-BR style=3D'font-size:75%'>advogado especializado</span></span><=
/div>
 </div>
 <div v:shape=3D"_x0000_s279556">
 <div class=3DHB style=3D'mso-line-spacing:"90 20 0";position:absolute;top:=
21.25%;
 left:51.87%;width:42.32%;height:4.5%'><span style=3D'position:absolute;
 top:0%;left:8.84%;width:91.15%;height:100.0%'><span style=3D'font-size:71%;
 visibility:hidden'><span style=3D'mso-special-format:bullet;position:absol=
ute;
 left:-9.7%'>&#8226;</span></span><span lang=3DPT-BR style=3D'font-size:71%;
 display:none'>&#13;</span></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"90 20 0";position:absolute;top:=
26.0%;
 left:51.87%;width:42.32%;height:4.5%'><span style=3D'position:absolute;
 top:0%;left:8.84%;width:91.15%;height:100.0%'><span style=3D'font-size:71%;
 visibility:hidden'><span style=3D'mso-special-format:bullet;position:absol=
ute;
 left:-9.7%'>&#8226;</span></span><span lang=3DPT-BR style=3D'font-size:71%;
 display:none'>&#13;</span></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"90 20 0";position:absolute;top:=
31.0%;
 left:51.87%;width:42.32%;height:4.5%'><span style=3D'position:absolute;
 top:0%;left:8.84%;width:91.15%;height:100.0%'><span style=3D'font-size:71%;
 visibility:hidden'><span style=3D'mso-special-format:bullet;position:absol=
ute;
 left:-9.7%'>&#8226;</span></span><span lang=3DPT-BR style=3D'font-size:71%;
 display:none'>&#13;</span></span></div>
 <div class=3DHB style=3D'mso-line-spacing:"90 20 0"'><span style=3D'positi=
on:absolute;
 top:35.75%;left:55.61%;width:40.82%;height:4.5%'><span style=3D'font-size:=
71%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-9.17%'>&#8226;<=
/span></span><span
 lang=3DPT-BR style=3D'font-size:71%'>Limitar a influ&ecirc;ncia de cada </=
span></span><span
 style=3D'position:absolute;top:39.75%;left:55.61%;width:45.69%;height:4.5%=
'><span
 lang=3DPT-BR style=3D'font-size:71%'>tipo de assessor &agrave; sua &aacute=
;rea de </span></span><span
 style=3D'position:absolute;top:43.75%;left:55.61%;width:38.57%;height:4.5%=
'><span
 lang=3DPT-BR style=3D'font-size:71%'>compet&ecirc;ncia&#13;</span></span><=
/div>
 <div class=3DHB1 style=3D'mso-line-spacing:"90 20 0"'><span style=3D'posit=
ion:absolute;
 top:48.75%;left:59.92%;width:34.45%;height:4.0%'><span style=3D'font-size:=
75%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-8.69%'>&#8211;<=
/span></span><span
 lang=3DPT-BR style=3D'font-size:75%'>Consultoria de estrat&eacute;gia: </s=
pan></span><span
 style=3D'position:absolute;top:52.25%;left:59.92%;width:34.26%;height:4.0%=
'><span
 lang=3DPT-BR style=3D'font-size:75%'>posicionamento, valor, </span></span>=
<span
 style=3D'position:absolute;top:56.0%;left:59.92%;width:34.26%;height:4.0%'=
><span
 lang=3DPT-BR style=3D'font-size:75%'>planejamento&#13;</span></span></div>
 <div class=3DHB1 style=3D'mso-line-spacing:"90 20 0"'><span style=3D'posit=
ion:absolute;
 top:60.25%;left:59.92%;width:34.26%;height:4.0%'><span style=3D'font-size:=
75%'><span
 style=3D'mso-special-format:bullet;position:absolute;left:-8.74%'>&#8211;<=
/span></span><span
 lang=3DPT-BR style=3D'font-size:75%'>Banco: financiamento e </span></span>=
<span
 style=3D'position:absolute;top:64.0%;left:59.92%;width:34.26%;height:4.0%'=
><span
 lang=3DPT-BR style=3D'font-size:75%'>execu&ccedil;&atilde;o da
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ion:absolute;
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bsolute;
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v>
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an
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0.14%;
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nsultoria
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0.14%;
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y:none'><b>&#13;</b></span></div>
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0.14%;
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strictolato.com<span
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0.14%;
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11)
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.25%;
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 display:none'>&#13;</span></div>
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ion:absolute;
 top:39.75%;left:11.04%;width:82.39%;height:5.25%'><span lang=3DPT-BR
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amos
 &agrave; </span></span><span style=3D'position:absolute;top:45.25%;left:11=
.04%;
 width:74.9%;height:5.25%'><span lang=3DPT-BR style=3D'font-size:133%'>disp=
osi&ccedil;&atilde;o
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ion:absolute;
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 left:11.04%;width:79.58%;height:5.25%'><span lang=3DPT-BR style=3D'font-si=
ze:133%'><i>conquistar
 resultados cada vez melhores e a </i></span></span><span style=3D'position=
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<div class=3DN>Clique para editar os estilos do texto mestre&#13;</div>

<div class=3DN1>Segundo n&iacute;vel&#13;</div>

<div class=3DN2>Terceiro n&iacute;vel&#13;</div>

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<div class=3DN4>Quinto n&iacute;vel</div>

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------=_NextPart_01C24DBE.744C07E0
Content-Location: file:///C:/C49B0891/al_fs_aq_arquivos/script.js
Content-Transfer-Encoding: quoted-printable
Content-Type: application/javascript; charset="us-ascii"

function LoadSld()
{
	var sld=3DGetObj("SlideObj")
	if( !g_supportsPPTHTML ) {
		sld.style.visibility=3D"visible"
		return
	}
	if( MakeNotesVis() ) return
	runAnimations =3D _InitAnimations();
	if( IsWin("PPTSld") )
		parent.SldUpdated(GetSldId())
	g_origSz=3DparseInt(SlideObj.style.fontSize)
	g_origH=3Dsld.style.posHeight
	g_origW=3Dsld.style.posWidth
	g_scaleHyperlinks=3D(document.all.tags("AREA").length>0)
	if( g_scaleHyperlinks )
		InitHLinkArray()
	if( g_scaleInFrame||(IsWin("PPTSld") && parent.IsFullScrMode() ) )
		document.body.scroll=3D"no"
	_RSW()
	if( IsWin("PPTSld") && parent.IsFullScrMode() )
		FullScrInit();
=09
	MakeSldVis();
	ChkAutoAdv()

	if( runAnimations )
	{
		if( document.all("NSPlay") )
			document.all("NSPlay").autoStart =3D false;
		if( sld.filters && sld.filters.revealtrans )
			setTimeout( "document.body.start()", sld.filters.revealtrans.duration * =
1000 );
		else
			document.body.start();
	}
}
function MakeSldVis()
{
	var fTrans=3Dg_showAnimation && SldHasTrans()
	if( fTrans )
	{
		if( g_bgSound ) {
			idx=3Dg_bgSound.indexOf(",");
			pptSound.src=3Dg_bgSound.substr( 0, idx );
			pptSound.loop=3D -(parseInt(g_bgSound.substr(idx+1)));
		}
		SlideObj.filters.revealtrans.Apply()
    }
	SlideObj.style.visibility=3D"visible"
	if( fTrans )
		SlideObj.filters.revealtrans.Play()
}
function MakeNotesVis()
{
	if( !IsNts() ) return false
	SlideObj.style.display=3D"none"
	nObj =3D document.all.item("NotesObj")
	parent.SetHasNts(0)
	if( nObj ) {
		nObj.style.display=3D""
		parent.SetHasNts(1)
	}
	return 1
}
function ChkAutoAdv()
{
	if(SldHasTrans())
		SlideObj.onfilterchange=3DAutoAdv
	else
		AutoAdv()
}
function AutoAdv()
{
	if(!IsWin("PPTSld") || !gUseSldTimings )return
	var sld=3DGetCurSld()
	if( (sld.mAdvDelay>0) && !parent.IsFramesMode() )
		setTimeout("parent.GoToNextSld()",sld.mAdvDelay)
}
function GetObj(id)
{
	if(g_supportsPPTHTML) return document.all(id);
	else return document.getElementById(id);
}
function SldHasTrans() { return SlideObj.style.getAttribute("filter")!=3D""=
 }
function GetSldId() { return sId=3Dlocation.href.substring(location.href.la=
stIndexOf('/')+1) }
function HideMenu() { if( frames["PPTSld"] && PPTSld.document.all.item("ctx=
tmenu") && PPTSld.ctxtmenu.style.display!=3D"none" ) { PPTSld.ctxtmenu.styl=
e.display=3D'none'; return true } return false }
function IsWin( name ) { return window.name =3D=3D name }
function IsNts() { return IsWin("PPTNts") }
function IsSldOrNts() { return( IsWin("PPTSld")||IsWin("PPTNts") ) }
function SupportsPPTAnimation() { return( navigator.platform =3D=3D "Win32"=
 && navigator.appVersion.indexOf("Windows")>0 ) }
function SupportsPPTHTML()
{
	var appVer=3Dnavigator.appVersion, msie=3DappVer.indexOf("MSIE "), ver=3D0
	if( msie >=3D 0 )
		ver=3DparseFloat( appVer.substring( msie+5, appVer.indexOf(";",msie) ) )
	else
		ver=3DparseInt(appVer)
	return( ver >=3D 4 && msie >=3D 0 )
}
function _RSW()
{
	if( !g_supportsPPTHTML || IsNts() ||
	  ( !g_scaleInFrame && (!IsWin("PPTSld") || !parent.IsFullScrMode()) ) )
		return
        var padding=3D0;
        if( IsWin("PPTSld") && parent.IsFramesMode() ) padding=3D6
	cltWidth=3Ddocument.body.clientWidth-padding
	cltHeight=3Ddocument.body.clientHeight-padding
	factor=3D(1.0*cltWidth)/g_origW
	if( cltHeight < g_origH*factor )
		factor=3D(1.0*cltHeight)/g_origH
	newSize =3D g_origSz * factor
	if( newSize < 1 ) newSize=3D1
	s=3DSlideObj.style
	s.fontSize=3DnewSize+"px"
	s.posWidth=3Dg_origW*factor
	s.posHeight=3Dg_origH*factor
	s.posLeft=3D(cltWidth-s.posWidth+padding)/2
	s.posTop=3D(cltHeight-s.posHeight+padding)/2
	if( g_scaleHyperlinks )
		ScaleHyperlinks( factor )
}
function _InitAnimations()
{
	animRuntimeInstalled =3D ''+document.body.localTime !=3D 'undefined';
	isFullScreen =3D (window.name =3D=3D "PPTSld") && !parent.IsFramesMode();
	g_animUseRuntime =3D g_showAnimation && animRuntimeInstalled && !(isFullSc=
reen && parent.IsSldVisited());
	if( g_animUseRuntime ) {
		collSeq =3D document.all.tags("seq");
		if( collSeq !=3D null ) {
			for(ii=3D0;ii<collSeq.length;ii++) {
				if( collSeq[ii].getAttribute( "p:nodeType" ) =3D=3D "mainSeq" ) {
					g_animMainSequence =3D collSeq[ii];
					break;
				}
			}
		}
		if( g_animItemsToHide ) {
			for(jj =3D 0; jj < g_animItemsToHide.length; jj++) {
				if( hideObj =3D GetObj(g_animItemsToHide[jj]) )
					hideObj.runtimeStyle.visibility=3D"hidden";
			}
		}
		if( g_animInteractiveItems ){
			for(jj =3D 0; jj < g_animInteractiveItems.length; jj++) {
				if( triggerObj =3D GetObj(g_animInteractiveItems[jj]) )
					triggerObj.runtimeStyle.cursor=3D"hand";
			}
		}
		if( gUseSldTimings && ''+g_animSlideTime !=3D 'undefined' ) {
			adjustedTime =3D document.body.calculateAutoAdvanceTimes( g_animSlideTim=
e, g_animEffectTimings );
			if( IsWin("PPTSld") && adjustedTime !=3D g_animSlideTime ) {
			   var sld =3D GetCurSld();
			   sld.mAdvDelay =3D adjustedTime * 1000;
			}
		}
	}
	return g_animUseRuntime;
}
gSldJump =3D 0, gSldJumpTrack =3D 0, gSldJumpIdx =3D "";
function _KPH()
{
	if( IsNts() ) return;
	if( !parent.IsFramesMode() && event.keyCode =3D=3D 27 && !HideMenu() )
		parent.window.close( self );
	else if( event.keyCode =3D=3D 32 ) {
		if( window.name =3D=3D "PPTSld" )
			parent.PPTSld.DocumentOnClick();
		else
			parent.GoToNextSld();
	}
	CatchNumKeys( parent, event );
}
function CatchNumKeys( win, event ) {
	if( win.IsFullScrMode() && (48<=3Devent.keyCode) && (event.keyCode<=3D57) =
) {
		gSldJump =3D 1;
		gSldJumpIdx +=3D (event.keyCode-48).toString();
	}
	if( win.IsFullScrMode() && gSldJump && event.keyCode =3D=3D 13 ) {
		var numSlds =3D parent.GetSldList().mList.length
		if ( gSldJumpIdx > numSlds )
			gSldJumpIdx =3D numSlds;
		if ( gSldJumpIdx >=3D 0 ) {
			if ( gSldJumpIdx =3D=3D 0 )
				gSldJumpIdx =3D 1;
			var jumpTo =3D parseInt(gSldJumpIdx);
			gSldJump =3D 0; gSldJumpIdx =3D "";
			win.GoToSld( parent.GetSldList().mList[jumpTo-1].mSldHref )
		}
	}
}
function _KDH()
{
	if( event.keyCode =3D=3D 8 ) {
		event.returnValue =3D 0;
		parent.GoToPrevSld();
	}
}
function DocumentOnClick()
{
	if( IsNts() || parent.HideMenu() ) return;
	if( ( g_allowAdvOnClick && !parent.IsFramesMode() ) ||
	    (event && (event.keyCode=3D=3D32) ) )
		parent.GoToNextSld();
}

var g_supportsPPTHTML =3D SupportsPPTHTML(), g_scaleInFrame =3D 1, gId=3D""=
, g_bgSound=3D"",
    g_scaleHyperlinks =3D false, g_allowAdvOnClick =3D 1, g_showInBrowser =
=3D 0, gLoopCont =3D 0, gUseSldTimings =3D 1;
var g_showAnimation =3D g_supportsPPTHTML && SupportsPPTAnimation() && ( (w=
indow.name=3D=3D"PPTSld" && !parent.IsFramesMode()) || g_showInBrowser );va=
r g_animManager =3D null;
var g_animUseRuntime =3D false;
var g_animItemsToHide, g_animInteractiveItems, g_animSlideTime;
var g_animMainSequence =3D null;
var ENDSHOW_MESG=3D"Fim da apresenta&ccedil;&atilde;o de slides. Clique par=
a sair.", SCREEN_MODE=3D"Frames", gIsEndShow=3D0, NUM_VIS_SLDS=3D7, SCRIPT_=
HREF=3D"script.js", FULLSCR_HREF=3D"fullscreen.htm";
var gCurSld =3D gPrevSld =3D 1, g_offset =3D -1, gNtsOpen =3D gHasNts =3D g=
OtlTxtExp =3D 0, gHasNarration =3D 0, gOtlOpen =3D true
window.gPPTHTML=3DSupportsPPTHTML()
var gMainDoc=3Dnew Array(new hrefList("slide0080.htm",1,-1,1),new hrefList(=
"slide0131.htm",1,-1,1),new hrefList("slide0132.htm",1,-1,1),new hrefList("=
slide0133.htm",1,-1,1),new hrefList("slide0130.htm",1,-1,1),new hrefList("s=
lide0134.htm",1,-1,1),new hrefList("slide0123.htm",1,-1,1));
function FullScrInit()
{
	g_allowAdvOnClick =3D GetCurSld().mAdvOnClk
	document.body.style.backgroundColor=3D"black"
	document.oncontextmenu=3Dparent._CM;
	document.onkeydown =3D _KDH;
	document.ondragstart=3DCancel
	document.onselectstart=3DCancel
	self.focus()
}
function Redirect( frmId )
{
	var str=3Ddocument.location.hash,idx=3Dstr.indexOf('#'), sId=3DGetSldId()
	if(idx>=3D0) str=3Dstr.substr(1);
	if( window.name !=3D frmId && ( sId !=3D str) ) {
		obj =3D GetObj("Main-File")
		window.location.href=3Dobj.href+"#"+sId
		return 1
	}
	return 0
}
var MHTMLPrefix =3D CalculateMHTMLPrefix();
function CalculateMHTMLPrefix()
{
	if ( document.location.protocol =3D=3D 'mhtml:') {
		href=3Dnew String(document.location.href)
		Start=3Dhref.indexOf('!')+1
		End=3Dhref.lastIndexOf('/')+1
		if (End < Start)
			return href.substring(0, Start)
		else
		return href.substring(0, End)
	}
	return '';
}
function GetTags(base,tag)
{
	if(g_supportsPPTHTML) return base.all.tags(tag);
	else return base.getElementsByTagName(tag);
}
function UpdNtsPane(){ if(frames["PPTNts"]) PPTNts.location.replace( MHTMLP=
refix+GetHrefObj( gCurSld ).mNtsHref ) }
function UpdNavPane( sldIndex ){ if(gNavLoaded) PPTNav.UpdNav() }
function UpdOtNavPane(){ if(gOtlNavLoaded) PPTOtlNav.UpdOtlNav() }
function UpdOtlPane(){ if(gOtlLoaded) PPTOtl.UpdOtl() }
function SetHasNts( fVal )
{
	if( gHasNts !=3D fVal ) {
		gHasNts=3DfVal
		UpdNavPane()
	}
}
function ToggleOtlText()
{
	gOtlTxtExp=3D!gOtlTxtExp
	UpdOtlPane()
}
function ToggleOtlPane()
{
	frmset=3Ddocument.all("PPTHorizAdjust")
	frm=3Ddocument.all("PPTOtl")
	if( gOtlOpen )
		frmset.cols=3D"*,100%"
	else
		frmset.cols=3D"25%,*"
	gOtlOpen=3D!gOtlOpen
	frm.noResize=3D!frm.noResize
	UpdOtNavPane()
}
function ToggleNtsPane()
{
	frmset=3Ddocument.all("PPTVertAdjust")
	frm=3Ddocument.all("PPTNts")
	if( gNtsOpen )
		frmset.rows=3D"100%,*"
	else
		frmset.rows=3D"*,20%"
	gNtsOpen=3D!gNtsOpen
	UpdNtsPane()
}
function ClearMedia()
{
	if (PPTSld.pptSound) PPTSld.pptSound.loop =3D 0;
}
function FullScreen()
{
	if ( PPTSld.g_animUseRuntime )
		PPTSld.document.body.pause();
	ClearMedia();
	var href =3D ( document.location.protocol =3D=3D 'mhtml:') ? FULLSCR_HREF =
: FULLSCR_HREF+"#"+GetHrefObj(gCurSld).mSldHref;
	if(PPTNav.event.ctrlKey) {
		var w =3D (window.screen.availWidth * 1.0) / 2.0
		var h =3D w * (PPTSld.g_origH * 1.0) / PPTSld.g_origW
		win =3D window.open( MHTMLPrefix+href,null,"toolbar=3D0,resizable=3D1,top=
=3D0,left=3D0," + "width=3D"+ w + ",height=3D" + h );
		if( PPTSld.g_animUseRuntime )
			win.document.body.PPTSldFrameset=3Dwindow;
	}
	else
	{
		win =3D window.open( MHTMLPrefix+href,null,"fullscreen=3Dyes" );
		if( PPTSld.g_animUseRuntime )
			win.document.body.PPTSldFrameset=3Dwindow;
	}
}
function ToggleVNarration()
{
	rObj=3DPPTSld.document.all("NSPlay")
	if( rObj && !PPTSld.g_animUseRuntime ) {
		if( (rObj.playState =3D=3D 1)||(rObj.playState =3D=3D 0) )
			rObj.Play()
		else if( rObj.playState =3D=3D 2 )
			rObj.Pause()
		else
			return;
	}
	else if( PPTSld.g_animUseRuntime )
	{
		narObj =3D PPTSld.document.all("narrationID")
		if( narObj )
			narObj.togglePause()
	}
}
function GetCurSldNum()
{
	obj=3DGetHrefObj(gCurSld)
	if( obj.mOrigVis =3D=3D 1 )
		return obj.mSldIdx
	else
		return gCurSld
}
function GetNumSlds()
{
	if( GetHrefObj(gCurSld).mOrigVis =3D=3D 1 )
		return GetSldList().mNumVisSlds;
	else
		return GetSldList().mList.length
}
function GetSldNum( href )
{
	for(ii=3D0; ii<GetSldList().mList.length; ii++) {
		if ( GetSldList().mList[ii].mSldHref =3D=3D href )
			return ii+1
	}
	return 1
}
function GetHrefObj( sldIdx ){ return GetSldList().mList[sldIdx-1] }
function IsFramesMode(){ return ( SCREEN_MODE =3D=3D "Frames" ) }
function IsFullScrMode(){ return ( SCREEN_MODE =3D=3D "FullScreen" ) }
function GoToNextSld()
{
	ii=3DgCurSld + 1
	if( GetHrefObj( ii-1 ).mOrigVis =3D=3D 0 ) {
		if( ii<=3DGetSldList().mList.length ) {
			obj=3DGetHrefObj(ii)
			obj.mVis=3D1
			GoToSldNum(ii)
			return
		}
	}
	else {
		obj=3DGetHrefObj( ii )
		while ( obj && ( obj.mOrigVis =3D=3D 0 ) )
			obj=3DGetHrefObj(++ii)
		if( obj && obj.mOrigVis ) {
			GoToSldNum(ii)
			return
		}
	}
	if( gSldStack.length > 1 )
		PopSldList();
	else if( !IsFramesMode() ) {
                if( gLoopCont )
			GoToFirst()
                else
			EndShow()
	}
}
function GoToPrevSld()
{
	ii=3DgCurSld-1
	if( ii > 0 ) {
		obj=3DGetHrefObj(ii)
		while ( obj && ( obj.mVis =3D=3D 0 ) && ( ii>0 ) )
			obj=3DGetHrefObj(--ii)
        if( ii =3D=3D 0 ) ii=3D1
		GoToSldNum(ii)
	}
}
function GoToFirst(){ GoToSld( GetHrefObj(1).mSldHref ) }
function GoToLast()
{
	ii=3DGetSldList().mList.length
	if( ii !=3D gCurSld )
		GoToSld( GetHrefObj(ii).mSldHref )
}
function GoToSldNum( num )
{
	if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue
	obj =3D GetHrefObj( num )
	obj.mVis=3D1
	gPrevSld=3DgCurSld
	gCurSld =3D num;
	PPTSld.location.replace(MHTMLPrefix+obj.mSldHref)
	if( IsFramesMode() ) {
		UpdNavPane(); UpdOtlPane(); UpdNtsPane()
	}
}
function GoToSld( href )
{
	if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue
	GetHrefObj( GetSldNum(href) ).mVis=3D1
	PPTSld.location.replace(MHTMLPrefix+href)
}
function SldUpdated( id )
{
	if( id =3D=3D GetHrefObj(gCurSld).mSldHref ) return
	gPrevSld=3DgCurSld
	gCurSld=3DGetSldNum(id)
	if( IsFramesMode() ) {
		UpdNavPane(); UpdOtlPane(); UpdNtsPane()
	}
}
function PrevSldViewed(){ GoToSld( GetHrefObj(gPrevSld).mSldHref ) }
function HasPrevSld() { return ( gIsEndShow || ( gCurSld !=3D 1 && GetHrefO=
bj( gCurSld-1 ).mVis =3D=3D 1 )||( GetCurSldNum() > 1 ) ) }
function HasNextSld() { return (GetCurSldNum() !=3D GetNumSlds()) }
function CloseWindow() {
	if( HideMenu() ) return;
	var event =3D PPTSld.event;
	if( !IsFramesMode() && event && (event.keyCode=3D=3D27 || event.keyCode=3D=
=3D32 || event.type=3D=3D"click" ) )
		window.close( self );
	CatchNumKeys( self, event );
}
function Unload() { gIsEndShow=3D0; }
function SetupEndShow() {
	gIsEndShow=3D1;
	PPTSld.document.body.scroll=3D"no";
	PPTSld.document.onkeypress=3DCloseWindow;
	PPTSld.document.onclick=3DCloseWindow;
	PPTSld.document.oncontextmenu=3D_CM;
}
function EndShow()
{
	if( IsFramesMode() ) return
	if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue
	doc=3DPPTSld.document
	doc.open()
	doc.writeln('<html><body bgcolor=3Dblack onload=3Dparent.SetupEndShow() on=
unload=3Dparent.Unload()><center><p><font face=3DTahoma color=3Dwhite size=
=3D2><br><b>' + ENDSHOW_MESG + '</b></font></p></center></body></html>')
	doc.close()
}
function SetSldVisited(){ GetSldList().mList[gCurSld-1].mVisited=3Dtrue }
function IsSldVisited(){ return GetSldList().mList[gCurSld-1].mVisited }
function hrefList( sldHref, visible, advDelay, advClk )
{
	this.mSldHref=3D this.mNtsHref =3D sldHref
	this.mOrigVis=3D this.mVis =3D visible
	this.mVisited=3D false
	this.mAdvDelay=3D advDelay
	this.mAdvOnClk=3D advClk
}
function SldList(arr,curSld,fEnd)
{
	this.mCurSld =3D curSld;
	this.mList =3D new Array();
	var idx =3D 1;
	for(ii=3D0;ii<arr.length;ii++) {
		this.mList[ii] =3D new hrefList( arr[ii].mSldHref, arr[ii].mOrigVis, arr[=
ii].mAdvDelay, arr[ii].mAdvOnClk );
		if( arr[ii].mOrigVis )
			this.mList[ii].mSldIdx =3D idx++;
	}
	this.mNumVisSlds =3D idx-1;
	this.fEndShow =3D fEnd;
}
function GetSldList() {	return gSldStack[gSldStack.length-1] }
function GetCurSld() { return parent.GetSldList().mList[parent.gCurSld - 1]=
 }
gSldStack =3D new Array();
gSldStack[0] =3D new SldList(gMainDoc,gCurSld,1)
function ViewCustomShow(idx,fEnd)
{
	if( !IsFullScrMode() ) return;
	var sldList =3D new Array();
	var custShow =3D custShowList[idx-1];
	var jj =3D 0;
	for( ii=3D0;ii<custShow.length;ii++ ) {
		if( custShow[ii] <=3D gMainDoc.length )
			sldList[jj++] =3D gMainDoc[custShow[ii]-1];
	}
	if (sldList.length > 0) {
	PushSldList(sldList,fEnd);
	gCurSld =3D 1;
	}
	else
		if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue
}
function PushSldList(arr,fEnd) {
	var ii =3D gSldStack.length;
	gSldStack[ii] =3D new SldList(arr,gCurSld,fEnd);
	GoToSld( gSldStack[ii].mList[0].mSldHref );
}
function PopSldList() {
	if (gSldStack[gSldStack.length-1].fEndShow)
		EndShow()
	else {
	gCurSld =3D gSldStack[gSldStack.length-1].mCurSld;
	gSldStack[gSldStack.length-1] =3D null;
	gSldStack.length--;
	var sldList =3D gSldStack[gSldStack.length-1];
	GoToSld( sldList.mList[gCurSld - 1].mSldHref );
	}
}
var custShowList=3Dnew Array();
function ImgBtn( oId,bId,w,action )
{
	var t=3Dthis
	t.Perform    =3D _IBP
	t.SetActive  =3D _IBSetA
	t.SetInactive=3D _IBSetI
	t.SetPressed =3D _IBSetP
	t.SetDisabled=3D _IBSetD
	t.Enabled    =3D _IBSetE
	t.ChangeIcon =3D null
	t.UserAction =3D action
	t.ChgState   =3D _IBUI
	t.mObjId   =3D oId
	t.mBorderId=3D bId
	t.mWidth   =3D w
	t.mIsOn    =3D t.mCurState =3D 0
}
function _IBSetA()
{
	if( this.mIsOn ) {
		obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 )
		obj.style.posTop=3D0
	}
}
function _IBSetI()
{
	if( this.mIsOn ) {
		obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 )
		obj.style.posTop=3D0
	}
}
function _IBSetP()
{
	if( this.mIsOn ) {
		obj=3Dthis.ChgState( gShadowClr,gHiliteClr,2 )
		obj.style.posLeft+=3D1; obj.style.posTop+=3D1
	}
}
function _IBSetD()
{
	obj=3Dthis.ChgState( gFaceClr,gFaceClr,0 )
	obj.style.posTop=3D0
}
function _IBSetE( state )
{
	var t=3Dthis
	GetObj( t.mBorderId ).style.visibility=3D"visible"
	if( state !=3D t.mIsOn ) {
		t.mIsOn=3Dstate
		if( state )
			t.SetInactive()
		else
			t.SetDisabled()
	}
}
function _IBP()
{
	var t=3Dthis
	if( t.mIsOn ) {
		if( t.UserAction !=3D null )
			t.UserAction()
		if( t.ChangeIcon ) {
			obj=3DGetObj(t.mObjId)
			if( t.ChangeIcon() )
				obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-4)*t.mWidth
			else
				obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-0)*t.mWidth
		}
		t.SetActive()
	}
}
function _IBUI( clr1,clr2,nextState )
{
	var t=3Dthis
	SetBorder( GetObj( t.mBorderId ),clr1,clr2 )
	obj=3DGetObj( t.mObjId )
	obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-nextState)*t.mWidth-obj=
.style.posTop
	t.mCurState=3DnextState
	return obj
}
function TxtBtn( oId,oeId,action,chkState )
{
	var t=3Dthis
	t.Perform    =3D _TBP
	t.SetActive  =3D _TBSetA
	t.SetInactive=3D _TBSetI
	t.SetPressed =3D _TBSetP
	t.SetDisabled=3D _TBSetD
	t.SetEnabled =3D _TBSetE
	t.GetState   =3D chkState
	t.UserAction =3D action
	t.ChgState   =3D _TBUI
	t.mObjId      =3D oId
	t.m_elementsId=3D oeId
	t.mIsOn       =3D 1
}
function _TBSetA()
{
	var t=3Dthis
	if( t.mIsOn && !t.GetState() )
		t.ChgState( gHiliteClr,gShadowClr,0,0 )
}
function _TBSetI()
{
	var t=3Dthis
	if( t.mIsOn && !t.GetState() )
		t.ChgState( gFaceClr,gFaceClr,0,0 )
}
function _TBSetP()
{
	if( this.mIsOn )
		this.ChgState( gShadowClr,gHiliteClr,1,1 )
}
function _TBSetD()
{
	this.ChgState( gFaceClr,gFaceClr,0,0 )
	this.mIsOn =3D 0
}
function _TBSetE()
{
	var t=3Dthis
	if( !t.GetState() )
		t.ChgState( gFaceClr,gFaceClr,0,0 )
	else
		t.ChgState( gShadowClr,gHiliteClr,1,1 )
	t.mIsOn =3D 1
}
function _TBP()
{
	var t=3Dthis
	if( t.mIsOn ) {
		if( t.UserAction !=3D null )
			t.UserAction()
        if( !t.GetState )
            return
		if( t.GetState() )
			t.SetPressed()
		else
			t.SetActive()
	}
}
function _TBUI( clr1,clr2,lOffset,tOffset )
{
	SetBorder( GetObj( this.mObjId ),clr1,clr2 )
	Offset( GetObj( this.m_elementsId ),lOffset,tOffset )
}
function Offset( obj, top, left ){ obj.style.top=3Dtop; obj.style.left=3Dle=
ft }
function SetBorder( obj, upperLeft, lowerRight )
{
	s=3Dobj.style;
	s.borderStyle      =3D "solid"
	s.borderWidth      =3D 1
	s.borderLeftColor  =3D s.borderTopColor =3D upperLeft
	s.borderBottomColor=3D s.borderRightColor =3D lowerRight
}
function GetBtnObj(){ return gBtnArr[window.event.srcElement.id] }
function BtnOnOver(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetActive() }
function BtnOnDown(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetPressed() }
function BtnOnOut(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetInactive() }
function BtnOnUp()
{
	b=3DGetBtnObj()
	if( b !=3D null )
		b.Perform()
	else
		Upd()
}
function GetNtsState(){ return parent.gNtsOpen }
function GetOtlState(){ return parent.gOtlOpen }
function GetOtlTxtState(){ return parent.gOtlTxtExp }
function NtsBtnSetFlag( fVal )
{
	s=3Ddocument.all.item( this.m_flagId ).style
	s.display=3D"none"
	if( fVal )
		s.display=3D""
	else
		s.display=3D"none"
}
function _BSetA_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S=
etActive() }
function _BSetI_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S=
etInactive() }
var gHiliteClr=3D"THREEDHIGHLIGHT",gShadowClr=3D"THREEDSHADOW",gFaceClr=3D"=
THREEDFACE"
var gBtnArr =3D new Array()
gBtnArr["nb_otl"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOtlPan=
e,GetOtlState )
gBtnArr["nb_otlElem"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOt=
lPane,GetOtlState )
gBtnArr["nb_nts"] =3D new TxtBtn( "nb_nts","nb_ntsElem",parent.ToggleNtsPan=
e,GetNtsState )
gBtnArr["nb_prev"]=3D new ImgBtn( "nb_prev","nb_prevBorder",30,parent.GoToP=
revSld )
gBtnArr["nb_next"]=3D new ImgBtn( "nb_next","nb_nextBorder",30,parent.GoToN=
extSld )
gBtnArr["nb_sldshw"]=3D new ImgBtn( "nb_sldshw","nb_sldshwBorder",18,parent=
.FullScreen )
gBtnArr["nb_sldshwBorder"] =3D new TxtBtn( "nb_sldshw","nb_sldshwBorder",pa=
rent.FullScreen,null )
gBtnArr["nb_sldshwBorder"].SetActive =3D _BSetA_Border;
gBtnArr["nb_sldshwBorder"].SetInactive =3D _BSetI_Border;
gBtnArr["nb_sldshwText"] =3D new TxtBtn( "nb_sldshw","nb_sldshwText",parent=
.FullScreen,null )
gBtnArr["nb_sldshwText"].SetActive =3D _BSetA_Border;
gBtnArr["nb_sldshwText"].SetInactive =3D _BSetI_Border;
gBtnArr["nb_voice"]  =3D new ImgBtn( "nb_voice","nb_voiceBorder",18,parent.=
ToggleVNarration )
gBtnArr["nb_otlTxt"]=3D new ImgBtn( "nb_otlTxt","nb_otlTxtBorder",23,parent=
.ToggleOtlText )
gBtnArr["nb_nts"].m_flagId=3D "notes_flag"
gBtnArr["nb_nts"].SetFlag =3D NtsBtnSetFlag
gBtnArr["nb_otlTxt"].ChangeIcon=3D GetOtlTxtState
var sNext=3D"Avan&ccedil;ar",sPrev=3D"Voltar",sEnd=3D"Finalizar apresenta&c=
cedil;&atilde;o",sFont=3D"Arial",sArrow=3D"Seta",sFreeform=3D"Forma livre",=
sRect=3D"Ret&acirc;ngulo",sOval=3D"Elipse"
function ShowMenu()
{
	BuildMenu();
	var doc=3DPPTSld.document.body,x=3DPPTSld.event.clientX+doc.scrollLeft,y=
=3DPPTSld.event.clientY+doc.scrollTop
	m =3D PPTSld.document.all.item("ctxtmenu")
	m.style.pixelLeft=3Dx
	if( (x+m.scrollWidth > doc.clientWidth)&&(x-m.scrollWidth > 0) )
		m.style.pixelLeft=3Dx-m.scrollWidth
	m.style.pixelTop=3Dy
	if( (y+m.scrollHeight > doc.clientHeight)&&(y-m.scrollHeight > 0) )
		m.style.pixelTop=3Dy-m.scrollHeight
	m.style.display=3D""
}
function _CM()
{
	if( !parent.IsFullScrMode() ) return;
	if(!PPTSld.event.ctrlKey) {
		ShowMenu()
		return false
	} else
		HideMenu()
}
function BuildMenu()
{
	if( PPTSld.document.all.item("ctxtmenu") ) return
	var mObj=3DCreateItem( PPTSld.document.body )
	mObj.id=3D"ctxtmenu"
	mObj.style.visibility=3D"hidden"
	var s=3DmObj.style
	s.position=3D"absolute"
	s.cursor=3D"default"
	s.width=3D"120px"
	SetCMBorder(mObj,"menu","black")
	var iObj=3DCreateItem( mObj )
	SetCMBorder( iObj, "threedhighlight","threedshadow" )
	iObj.style.padding=3D2
	CreateMenuItem( iObj,sNext,M_GoNextSld,M_True )
	CreateMenuItem( iObj,sPrev,M_GoPrevSld,M_HasPrevSld )
	CreateSeparator( iObj )
	CreateMenuItem( iObj,sEnd,M_End,M_True )
	mObj.style.visibility=3D"visible"
}
function Cancel() { window.event.cancelBubble=3Dtrue; window.event.returnVa=
lue=3Dfalse }
function Highlight() { ChangeClr("activecaption","threedhighlight") }
function Deselect() { ChangeClr("threedface","menutext") }
function Perform()
{
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  <div id=3DPPTP1 class=3DPTxt><font size=3D2><a
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   <li>Conceitos, abordagem e vis&atilde;o geral do portf&oacute;lio de
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   <li>S&atilde;o Paulo, agosto de 2002</li>
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  <div id=3DPPTP2 class=3DPTxt><font size=3D2><a
  href=3D"javascript:GoToSld('slide0131.htm');" id=3DPPTL2>Formas de
  associa&ccedil;&atilde;o entre empresas</a></font></div>
  </td>
 </tr>
 <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(=
this)"
  style=3D'cursor:hand'>
  <td align=3Dright valign=3Dtop>
  <div class=3DsldNum><font size=3D2>3</font></div>
  </td>
  <td>
  <div id=3DPPTP3 class=3DPTxt><font size=3D2><a
  href=3D"javascript:GoToSld('slide0132.htm');" id=3DPPTL3>Estruturando a a=
bordagem
  para alian&ccedil;as, fus&otilde;es e aquisi&ccedil;&otilde;es</a></font>=
</div>
  <div id=3DPPTC3 class=3DCTxt style=3D'display:none'><font size=3D2>
  <ul>
   <li>Identificar potencial de valor</li>
  </ul>
  </font></div>
  </td>
 </tr>
 <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(=
this)"
  style=3D'cursor:hand'>
  <td align=3Dright valign=3Dtop>
  <div class=3DsldNum><font size=3D2>4</font></div>
  </td>
  <td>
  <div id=3DPPTP4 class=3DPTxt><font size=3D2><a
  href=3D"javascript:GoToSld('slide0133.htm');" id=3DPPTL4>Sucesso e fracas=
so nas
  alian&ccedil;as</a></font></div>
  <div id=3DPPTC4 class=3DCTxt style=3D'display:none'><font size=3D2>
  <ul>
   <li>Condi&ccedil;&otilde;es para o sucesso</li>
   <li>Coer&ecirc;ncia com necessidade estrat&eacute;gica</li>
   <ul>
    <li>Acesso a novos mercados</li>
    <li>Economias de escala</li>
    <li>Tecnologia e habilidades</li>
   </ul>
   <li>Busca abrangente de candidatos</li>
   <li>Avalia&ccedil;&atilde;o profunda dos candidatos short-listed</li>
   <li>Negocia&ccedil;&atilde;o criteriosa e objetiva</li>
   <li>Gest&atilde;o dos conflitos ap&oacute;s a associa&ccedil;&atilde;o</=
li>
   <li>Erros mais comuns</li>
   <li>Imprecis&atilde;o nas estimativas</li>
   <ul>
    <li>Vendas / mercado</li>
    <li>Sinergias / economias de escala</li>
   </ul>
   <li>Falha em perceber problemas durante o due diligence</li>
   <li>Valoriza&ccedil;&atilde;o inadequada da contribui&ccedil;&atilde;o de
       cada empresa ou dos pre&ccedil;os</li>
   <li>Implementa&ccedil;&atilde;o deficiente dos planos em conjunto</li>
  </ul>
  </font></div>
  </td>
 </tr>
 <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(=
this)"
  style=3D'cursor:hand'>
  <td align=3Dright valign=3Dtop>
  <div class=3DsldNum><font size=3D2>5</font></div>
  </td>
  <td>
  <div id=3DPPTP5 class=3DPTxt><font size=3D2><a
  href=3D"javascript:GoToSld('slide0130.htm');" id=3DPPTL5>Nossa experi&eci=
rc;ncia</a></font></div>
  <div id=3DPPTC5 class=3DCTxt style=3D'display:none'><font size=3D2>
  <ul>
   <li>M&eacute;todos de avalia&ccedil;&atilde;o de uma opera&ccedil;&atild=
e;o:</li>
   <li>Fluxo de caixa descontado (DCF): m&eacute;todo mais consistente e
       amplamente utilizado. Possui algumas variantes<sup>(1)</sup>, mas de
       forma geral consiste em descontar os fluxos de caixa projetados para=
 a
       opera&ccedil;&atilde;o a valor presente segundo uma taxa de custo
       m&eacute;dio ponderado de capital (WACC).</li>
   <li>Compar&aacute;veis, geralmente m&uacute;ltiplos de algum fator:
       &uacute;teis para estimar rapidamente a ordem de grandeza do valor da
       opera&ccedil;&atilde;o e para inspecionar o c&aacute;lculo de DCF</l=
i>
   <li>Valor de liquida&ccedil;&atilde;o ou reposi&ccedil;&atilde;o dos ati=
vos:
       quando o objeto da compra n&atilde;o &eacute; a empresa e sim seu
       patrim&ocirc;nio</li>
   <li>Fatores adicionais para determina&ccedil;&atilde;o do pre&ccedil;o:<=
/li>
   <li>Caixa<sup>(2)</sup> e ativos n&atilde;o operacionais</li>
   <li>Compromissos existentes<br>
              fora dos balan&ccedil;os</li>
   <li>Pr&ecirc;mio de controle</li>
   <li>Desconto por falta<br>
              de liquidez</li>
   <br>
   <br>
   <li>Trabalhos realizados para o lado comprador:</li>
   <li>Consultoria de estrat&eacute;gia para um grupo papeleiro europeu,
       trabalhando em conjunto com o CSFB (responsabilidade pela
       estrutura&ccedil;&atilde;o), para escolher, avaliar (DCF) e adquirir=
 um
       conjunto de plantas nos EUA, em transa&ccedil;&atilde;o de
       aproximadamente US$ 1 bilh&atilde;o</li>
   <li>Consultoria de estrat&eacute;gia para uma das maiores empresas de
       telecomunica&ccedil;&otilde;es no Brasil para avaliar oportunidades =
de
       aquisi&ccedil;&atilde;o de duas outras importantes empresas do setor,
       levando a recomenda&ccedil;&otilde;es de no-go &#8211; que o mercado
       confirmou ao depreciar fortemente essas empresas nos meses seguintes=
</li>
   <li>Consultoria para uma importante empresa brasileira de servi&ccedil;o=
s,
       planejando a cria&ccedil;&atilde;o de um novo neg&oacute;cio que inc=
luiu
       a compra de uma empresa j&aacute; atuante no setor. Revisamos e
       corrigimos o DCF valuation a n&oacute;s apresentado, reduzindo
       significativamente o patamar de pre&ccedil;os para
       negocia&ccedil;&atilde;o.</li>
   <li>Trabalhos realizados para o lado vendedor:</li>
   <li>Busca de parceiros internacionais para capitalizar e permitir a
       expans&atilde;o de uma empresa nacional de comercializa&ccedil;&atil=
de;o
       de espa&ccedil;o publicit&aacute;rio. Planejamento e
       proje&ccedil;&atilde;o dos fluxos de caixa do neg&oacute;cio expandi=
do,
       avalia&ccedil;&atilde;o e negocia&ccedil;&atilde;o da venda de
       participa&ccedil;&atilde;o majorit&aacute;ria para o grupo internaci=
onal
       escolhido.</li>
  </ul>
  </font></div>
  </td>
 </tr>
 <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(=
this)"
  style=3D'cursor:hand'>
  <td align=3Dright valign=3Dtop>
  <div class=3DsldNum><font size=3D2>6</font></div>
  </td>
  <td>
  <div id=3DPPTP6 class=3DPTxt><font size=3D2><a
  href=3D"javascript:GoToSld('slide0134.htm');" id=3DPPTL6>Dicas</a></font>=
</div>
  <div id=3DPPTC6 class=3DCTxt style=3D'display:none'><font size=3D2>
  <ul>
   <li>Negociar termos condicionando a venda de participa&ccedil;&otilde;es
       p&oacute;s-associa&ccedil;&atilde;o</li>
   <ul>
    <li>Tag-along: direito do minorit&aacute;rio a vender acompanhando o
        majorit&aacute;rio</li>
    <li>Drag-along : obriga&ccedil;&atilde;o do minorit&aacute;rio de vender
        acompanhando o majorit&aacute;rio</li>
   </ul>
   <li>Assessorar-se por profissionais qualificados</li>
   <ul>
    <li>Estrat&eacute;gia por consultoria</li>
    <li>Due diligence f&iacute;sico e financeiro por auditor ou contador</l=
i>
    <li>Contratos revisados por advogado especializado</li>
   </ul>
   <br>
   <br>
   <br>
   <li>Limitar a influ&ecirc;ncia de cada tipo de assessor &agrave; sua
       &aacute;rea de compet&ecirc;ncia</li>
   <ul>
    <li>Consultoria de estrat&eacute;gia: posicionamento, valor, planejamen=
to</li>
    <li>Banco: financiamento e execu&ccedil;&atilde;o da
        transa&ccedil;&atilde;o</li>
    <li>Advogado: letra dos contratos e mitiga&ccedil;&atilde;o de riscos
        fiscais e trabalhistas</li>
    <li>Auditores e contadores: due diligence</li>
   </ul>
  </ul>
  </font></div>
  </td>
 </tr>
 <tr onmouseover=3D"Over(this)" onmouseout=3D"Out(this)" onclick=3D"Follow(=
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  <div class=3DsldNum><font size=3D2>7</font></div>
  </td>
  <td>
  <div id=3DPPTP7 class=3DPTxt><font size=3D2><a
  href=3D"javascript:GoToSld('slide0123.htm');" id=3DPPTL7>Fim desta
  apresenta&ccedil;&atilde;o</a></font></div>
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