voting preferred shares under “SDIA4 BZ.”85 At the same time, Sadia listed Level II
ADRs on the New York Stock Exchange trading under the symbol “SDA.” 86 The
sponsored ADRs referenced Sadia’s non-voting preferred shares and in June of 2008
represented 26.7% of the total number of these shares87 and 18.94% of Sadia’s total
capital. Sadia also listed its non-voting preferred shares in November of 2004 on the
Spanish Market for Latin-American Stocks in Euros (“LATIBEX”) under the symbol
“XSDI SM” in the Madrid Stock Exchange. In the end of 2008, the Spanish
securities represented only 2.1% of the total number of preferred shares of the
company.”88