Brazil's antitrust regulator, CADE, has approved without restrictions the sale of a 50.3% equity stake in Mills (MILS3) to France's Loxam SAS. The decision unlocks the transaction initially announced in May 2026 and sets the stage for a mandatory tender offer (OPA) for the remaining outstanding shares after the deal closes.
What Happened to MILS3 Stock and the CADE Decision?
Mills Locação, Serviços e Logística S.A. informed the market via a material fact filing submitted to the Brazilian Securities Commission (CVM) on November 10, 2026, that CADE's General Superintendence gave final, unconditional approval for the change in its corporate control. The transaction involves transferring the 50.3% common stock stake held by controlling shareholders to Loxam SAS.
The regulator's approval does not take effect immediately. The filing specified that the decision becomes final after a statutory 15-day waiting period following its official publication in the federal official gazette (Diário Oficial da União). This window allows market participants, interested third parties, or CADE's Tribunal to file an appeal or request a review—a standard procedure in corporate transactions and changes of control on the stock exchange.
Controlling block acquired by Loxam SAS from controlling shareholders.
Starting from publication in the federal gazette with no CADE appeals.
Mandatory public offering for 100% of minority shares.
Once the legal period passes without challenges, the closing of the transaction will also trigger the corporate resolutions already approved by shareholders at the Extraordinary General Meeting (EGM) held on August 24, 2026, whose practical implementation was conditional on final antitrust clearance.
Has MILS3 Stock Been Delisted or Halted?
No. MILS3 stock continues to trade normally in the B3's Novo Mercado segment, with daily liquidity and no restrictions on investor custody. CADE's announcement authorizes the sale of the controlling block, not an immediate go-private transaction or a trading suspension.
Questions such as "MILS3 no longer appears in my brokerage account" or concerns about losing custody often surface when a company undergoes a change of control, but they are unfounded at this stage. In the November 10, 2026 trading session, the stock closed at R$ 16.39, up 1.36% for the day and posting a 22.50% gain over the past 12 months. The market value reflects ongoing adjustments to the operational thesis and expectations surrounding the final terms of the upcoming tender offer.
For investors tracking fundamental indicators on our MILS3 quote and fundamentals page, the company trades at a price-to-earnings (P/E) multiple of 7.3x and boasts a return on equity (ROE) of 26.3%, driven by a 22.7% increase in EBITDA over the trailing 12 months.
What Is Loxam's Tender Offer and Why Does It Matter for MILS3 Holders?
Because it is listed on the B3's Novo Mercado, Mills is subject to strict corporate governance rules. The primary requirement is a 100% tag-along right, reinforced by the buyer's legal obligation to launch a tender offer (OPA) for the acquisition of control, as stipulated by the Brazilian Corporation Law and CVM regulations.
Mills stated in its release that, immediately following the final closing of the transaction with controlling shareholders, Loxam SAS will be required to launch a tender offer directed at minority shareholders, covering all remaining common shares issued by the company.
The tender offer will give shareholders the option to sell their stock at the price offered by the buyer or to remain invested in the company, should Loxam decide to keep it publicly traded. Details regarding the price per share, independent valuation report, and acceptance periods will only be finalized in the tender offer prospectus published after the main transaction closes.
How Will Mills' Dividend Payouts Be Affected?
Mills has a recent history of heavy distributions. Over the past 12 months, the company paid R$ 1.58 per share in distributions—of which R$ 1.39 per share were distributed throughout 2026 as extraordinary payouts—pushing the trailing dividend yield to 9.64% based on the R$ 16.39 share price.
This short-term surge in payouts reflects an 80.3% payout ratio in recent quarters. Shareholders should note, however, that a significant portion of these payments was non-recurring prior to the ownership change. Compared with other large-scale transactions and capital restructurings in the Brazilian market, the management transition could alter the company's reinvestment and deleveraging policy. Mills closed the quarter with net debt equal to 1.20x EBITDA.
If you hold MILS3 shares in your brokerage account, you do not need to take any immediate action. Your shares remain in your possession and continue trading on the B3. CADE's approval unlocks the corporate process, but the right to sell your shares through the tender offer can only be exercised once the official prospectus is published with pricing terms and acceptance deadlines.
What Should MILS3 Investors Monitor Going Forward?
Mills' news flow will now shift from antitrust regulation to executing the offer for minority shareholders. Tracking the formal deadlines disclosed via the CVM is essential to deciding whether to sell shares on the open market or wait for the tender offer settlement.
Federal Gazette Publication and 15-Day Window — Verify the absence of appeals or review requests at CADE's Tribunal to confirm administrative finality.
Closing Notice — Wait for notification from Mills and Loxam confirming the transfer of the controllers' shares and payment for the 50.3% stake.
Tender Offer Prospectus and Valuation Report — Review the offered price per share in the tender offer and compare it with the B3 screen price to decide whether to sell on the secondary market or participate in the auction.
As the process moves forward, the company's ongoing equipment rental and logistics operations continue to generate cash. Much like our evaluation of extraordinary dividend distributions at other listed companies, Mills investors now have the predictability of knowing that regulatory veto risk has been eliminated, leaving only the financial tracking of the tender offer terms.
The Verdict: The Impact of CADE's Decision on MILS3
CADE's unconditional approval is a highly positive catalyst for executing the sale of Mills' controlling stake. Removing antitrust risk ensures the transition plan to Loxam SAS can move forward. For minority shareholders, the outlook is clearer: MILS3 continues to trade normally, and the next major value event will be the announcement of the price per share in the mandatory tender offer prospectus.
