Resumen de Brazil: : The attraction of super preferred shares

• The article reports on the decision of the Brazilian Securities Commission (CVM) to deny the initial public offering (IPO) request of Brazilian airline Azul. It says that Azul's request was denied due to the airline's by-laws, which entitle preferred share to a dividend, 75 times the dividends payable to common shares. It adds that such by-laws violate Brazilian corporate law that economic rights must be related to political rights of shareholders