Citigroup's Shareholder Tango in Brazil (A)

Kellogg School of Management Cases

ISSN: 2474-6568

Publication date: 20 January 2017


  1. Understand and recognize governance-based differences between a pyramidal business group (e.g., the joint venture related to Brasil Telecom) and that of a widely held firm (i.e., a typical U.S. firm's ownership structure);

  2. understand that to avoid market failure firms must anticipate and adjust to the non-market institutional “rules of the game,” which vary greatly across nations; and

  3. understand the range of strategic choices and their optimal application to protect minority shareholder rights.



Perkins, S. (2017), "Citigroup's Shareholder Tango in Brazil (A)", Kellogg School of Management Cases.

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