STF Pauses Axia Deal Ruling at 5–4 With Fux to Decide Scope on Dec. 11

Overview

• The Supreme Court suspended the homologation decision to await Luiz Fux's vote after a 5–4 split, with the case scheduled to resume on December 11.
• Full approval, backed by Kássio Nunes Marques, Cristiano Zanin, André Mendonça, Dias Toffoli and Gilmar Mendes, would validate nuclear-related terms alongside governance changes.
• Partial approval, proposed by Alexandre de Moraes and followed by Flávio Dino, Cármen Lúcia and Edson Fachin, would confirm only the increase in Union seats on Axia's boards.
• The settlement maintains the 10% voting cap but grants the Union three of ten board seats and one fiscal council seat after an STF-mediated conciliation and shareholder-approved board expansion.
• Flávio Dino called the AGU-negotiated pact “constrangedor,” citing an unrelated Eletronuclear/Angra clause and lack of worker consultation, and he questioned the Court’s competence to validate commercial terms.