Turnaround at Oncoclínicas: Lumen fund surprises and wins majority on the board of directors.

Mak Capital's objective of winning a majority of seats on the board of directors is hampered by a fund managed by Exa Capital. As a result, the board remains under Latache's influence.

Guilherme Guilherme e Márcio Kroehn 30/04/26 14:49

Turnaround at Oncoclínicas: Lumen fund surprises and wins majority on the board of directors.

The extraordinary general meeting (EGM) of Oncoclínicas , held on the morning of Thursday, May 30, had an unexpected outcome - at least for Mak Capital .

The hedge fund, which had conditioned the change of the oncology treatment group's board to grant a credit line between R$100 million and R$150 million , along with Lumina Capital, did not obtain a majority of the seats.

Lumen Fundo de Investimento Financeiro Multimercado Crédito, owned by Arnoldo Wald Filho and Alexandre Wald, managed to place three new board members. Lumen held approximately 5% of Oncoclínicas' share capital, in addition to subscription bonuses. The fund is managed by Exa Capital, owned by Pedro Mesquita.

Marco Aurelio Freire Barreto, Antonio Claudio Correia Leite Buchaul, and Paulo Roberto Belem Jr. are the three elected council members nominated by Lumen.

Mak retained the seats of Raul Rosenthal de Matos and Ademar Vidal Neto and managed to elect another name, Matheus Bandeira.

Marcelo Curti, who was already a member of the board, became the chairman of the board of directors of Oncoclínicas.

NeoFeed has learned that right at the start of the voting, as soon as the vote split became clear, Marcos Grodetzki, who was Mak's nominee to chair the board, decided to withdraw his candidacy.

Internally, the result was a setback for Mak's plans, which had counted on the election of a majority of the board members. Currently, the management team is meeting to decide on the next steps – primarily the profile of the elected individuals.

The big winner of the Extraordinary General Meeting is Latache. Even without nominating any members, Renato Azevedo's management company reinforced its influence and leadership over the board.

In this lengthy interview with NeoFeed , the manager stated: "Latache's position remains the same: 100% focus on the takeover bid."

The public takeover bid intended by Latache is related to Centaurus' stake , which exceeded 15% in Oncoclínicas. According to its bylaws, it would be obligated to launch a takeover bid.

This report is being updated.