[Last updated: 1 January 2025, unless otherwise noted]

There are no legal limitations to prevent a public company from delisting and going private. However, the delisting of a certain class or all common shares gives the holders that were absent or voted against that decision in the shareholders' meeting a redemption right. Accordingly, if there is a decision to delist, the company and/or the shareholders that voted in favor of the delisting must launch an offer directed at such shareholders offering to acquire all their holdings (Oferta Pública de Compra por Exclusión). Any decision that has an economic effect equivalent to the delisting of the securities triggers the obligation to launch the foregoing offer.