{"id":5492,"date":"2023-04-14T13:11:39","date_gmt":"2023-04-14T16:11:39","guid":{"rendered":"https:\/\/artica.capital\/clairfield-pilulas\/a-decisao-de-uma-empresa-sair-da-bolsa-de-valores\/"},"modified":"2026-09-29T12:05:04","modified_gmt":"2026-09-29T15:05:04","slug":"a-decisao-de-uma-empresa-sair-da-bolsa-de-valores","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/a-decisao-de-uma-empresa-sair-da-bolsa-de-valores\/","title":{"rendered":"A company&#039;s decision to delist from the stock market"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">O IPO, processo pelo qual uma empresa \u00e9 listada na bolsa de valores, \u00e9 um sonho para muitos empres\u00e1rios empreendedores.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No entanto, existem desvantagens em ser uma empresa listada, como maiores demandas regulat\u00f3rias e press\u00e3o para divulga\u00e7\u00e3o de resultados trimestrais.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Essas desvantagens motivaram grandes empresas e investidores a avaliarem movimentos de sa\u00edda da bolsa de valores, levando a algumas das transa\u00e7\u00f5es mais marcantes da hist\u00f3ria.<\/p>\n\n\n\n<!-- pilula-html v1 -->\n<style>\n.pil{--navy:#2d3a51;--blue:#4f6388;--light:#8599b9;--pale:#e8ebf1;--card:#d3d9e3;--red:#c0272d;--txt:#333;font-family:\"Merriweather Sans\",sans-serif;color:var(--txt);margin-top:40px}\n.pil *{box-sizing:border-box}\n.pil img{max-width:100%;height:auto;display:block}\n.pil-sec{margin:0 0 56px}\n.pil-sec h2{background:var(--navy);color:#fff;font-size:19px;line-height:1.35;font-weight:700;padding:16px 20px;border-radius:0 0 28px 0;margin:0 0 20px;text-wrap:balance}\n.pil-sub{font-size:14px;font-weight:700;color:var(--navy);border-bottom:2px solid var(--navy);padding-bottom:6px;margin:0 0 16px;display:flex;justify-content:space-between;gap:12px;align-items:flex-end}\n.pil-tag{color:var(--red);border-top:2px solid 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li{margin-bottom:6px}\n.pil-fact{font-size:14px;line-height:1.5;padding-left:14px;border-left:3px solid var(--light)}\n.pil-fact.dark{border-color:var(--navy)}\n.pil-fact b{color:var(--navy)}\n.pil-fact big{font-size:20px;font-weight:800;color:var(--navy)}\n.pil-hl{color:var(--blue);font-weight:700}\n\/* tabela *\/\n.pil-tw{overflow-x:auto}\n.pil-table{width:100%;border-collapse:collapse;font-size:13px}\n.pil-table th{background:var(--navy);color:#fff;text-align:left;padding:8px 10px;font-weight:700}\n.pil-table td{padding:7px 10px;border-bottom:1px solid #d8dce4;vertical-align:top}\n.pil-table tr:nth-child(even) td{background:#f5f6f9}\n.pil-table .n{text-align:right;font-variant-numeric:tabular-nums;white-space:nowrap}\n\/* linha do tempo *\/\n.pil-time{display:grid;gap:14px;border-left:2px dashed var(--light);padding-left:18px;margin-left:6px}\n.pil-time>div{position:relative;font-size:14px;line-height:1.5}\n.pil-time>div::before{content:\"\";position:absolute;left:-25px;top:5px;width:12px;height:12px;border-radius:50%;background:var(--navy)}\n.pil-time b.y{display:block;color:var(--light);font-size:16px;font-weight:800}\n\/* figuras (recortes do slide) *\/\n.pil-fig{margin:0}\n.pil-fig figcaption{text-align:center;font-weight:800;color:var(--light);font-size:16px;margin-top:4px}\n.pil-brand{background:var(--card);border-radius:14px;overflow:hidden}\n.pil-brand p{margin:0;text-align:center;font-size:20px;font-weight:800;font-style:italic;color:var(--navy);padding:10px 0 12px}\n@media (max-width:700px){\n  .pil-grid2,.pil-grid2.wide-left,.pil-grid2.wide-right{grid-template-columns:1fr}\n  .pil-grid3,.pil-grid4,.pil-grid5{grid-template-columns:1fr 1fr}\n  .pil-sec h2{font-size:17px}\n  .pil-bars{height:180px}\n  .pil-bars>div>span{font-size:10px}\n  .pil-years{font-size:9px}\n}\n@media (max-width:480px){\n  .pil-bars{gap:1.2%}\n  .pil-years{gap:1.2%;font-size:8px}\n  .pil-bars>div>span{font-size:8px;letter-spacing:-.3px}\n  .pil-bars:has(>div:nth-child(13))>div>span{writing-mode:vertical-rl;transform:translateX(-50%) rotate(180deg);top:auto;bottom:100%;padding-bottom:2px}\n  .pil-years:has(>span:nth-child(13)) span{writing-mode:vertical-rl;transform:rotate(180deg);margin:0 auto}\n}\n<\/style>\n<div class=\"pil\">\n\n<section class=\"pil-sec\">\n  <h2>Apesar das vantagens e do renome de ser uma empresa listada em bolsa, existem raz\u00f5es para que empresas voltem a ser privadas<\/h2>\n  <div class=\"pil-grid2\">\n    <div>\n      <div class=\"pil-box\">\n        <h3>Vantagens de empresas listadas na bolsa<\/h3>\n        <ul class=\"pil-list\" style=\"padding:14px 18px 8px 34px\">\n          <li>Maior <b>facilidade de capta\u00e7\u00e3o de recursos<\/b> com <i>equity<\/i> (<i>follow-on<\/i>) ou at\u00e9 mesmo d\u00edvida<\/li>\n          <li>Elevado <b>renome da empresa<\/b> perante clientes, funcion\u00e1rios, fornecedores e investidores<\/li>\n          <li><b>Maior liquidez para investidores<\/b> antigos da empresa e at\u00e9 para funcion\u00e1rios, que podem receber parte da remunera\u00e7\u00e3o como <i><b>Stock Options<\/b><\/i><\/li>\n        <\/ul>\n      <\/div>\n      <ul class=\"pil-list\" style=\"margin-top:16px\">\n        <li>Para fechar o capital de uma empresa listada, o comprador deve submeter uma <b>oferta para aquisi\u00e7\u00e3o das a\u00e7\u00f5es circulantes da empresa<\/b><\/li>\n        <li>A oferta \u00e9 igualit\u00e1ria para todos os acionistas e recebe o nome de <b>Oferta P\u00fablica de A\u00e7\u00f5es (OPA)<\/b><\/li>\n      <\/ul>\n    <\/div>\n    <div>\n      <div class=\"pil-box\" style=\"border-color:var(--blue)\">\n        <h3 style=\"background:var(--blue)\">Vantagens de empresas privadas<\/h3>\n        <ul class=\"pil-list\" style=\"padding:14px 18px 8px 34px\">\n          <li><span class=\"pil-hl\">Menores demandas regulat\u00f3rias<\/span> e aus\u00eancia de necessidade de divulga\u00e7\u00e3o de resultados para o p\u00fablico<\/li>\n          <li><span class=\"pil-hl\">Press\u00e3o reduzida para entrega de resultado no curto prazo<\/span> (divulga\u00e7\u00f5es trimestrais)<\/li>\n          <li>Aus\u00eancia de press\u00e3o sobre o pre\u00e7o da a\u00e7\u00e3o e <span class=\"pil-hl\">maior liberdade para decidir sobre emiss\u00e3o de dividendos e remunera\u00e7\u00e3o<\/span> dos diretores da empresa<\/li>\n        <\/ul>\n      <\/div>\n      <ul class=\"pil-list\" style=\"margin-top:16px\">\n        <li>Quando a decis\u00e3o de tirar a empresa da bolsa \u00e9 liderada pelos pr\u00f3prios executivos da companhia, o movimento \u00e9 denominado <i><b>Management Buyout<\/b><\/i><b> (MBO)<\/b><\/li>\n        <li>Frequentemente, especialmente nos Estados Unidos, a aquisi\u00e7\u00e3o das a\u00e7\u00f5es \u00e9 feita utilizando quantia substancial de d\u00edvida, o que recebe o nome de <i><b>Leveraged Buyout<\/b><\/i><b> (LBO)<\/b><\/li>\n      <\/ul>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: B3; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Ao longo da hist\u00f3ria, diversas transa\u00e7\u00f5es emblem\u00e1ticas consistiram em empresas p\u00fablicas fechando capital<\/h2>\n  <div style=\"display:grid;gap:14px\">\n    <div class=\"pil-card pil-grid2 wide-right\" style=\"gap:16px\">\n      <div class=\"pil-grid2\" style=\"gap:10px;align-items:center;font-size:12px\">\n        <div><b>Empresa<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-nabisco.png\" alt=\"Logo da Nabisco Brands\" loading=\"lazy\" style=\"max-width:110px;margin-top:4px\"><\/div>\n        <div><b>Comprador<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-kkr.png\" alt=\"Logo da KKR\" loading=\"lazy\" style=\"max-width:100px;margin-top:4px\"><\/div>\n        <div><b>Data<\/b><br>Nov-1988<\/div>\n        <div><b>Pa\u00eds<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-flag-eua.png\" alt=\"Bandeira dos Estados Unidos\" loading=\"lazy\" style=\"width:30px;margin-top:4px\"><\/div>\n      <\/div>\n      <div><b style=\"font-size:12px\">Descri\u00e7\u00e3o<\/b><ul class=\"pil-list\">\n        <li>RJR Nabisco era um conglomerado industrial, dono de uma grande marca de tabaco e de uma rede de produtos aliment\u00edcios, como biscoitos Oreo<\/li>\n        <li>Aproveitando os <b>pre\u00e7os baixos das a\u00e7\u00f5es<\/b>, a <i>Private Equity<\/i> KKR adquire as a\u00e7\u00f5es da RJR Nabisco, no maior LBO j\u00e1 visto at\u00e9 ent\u00e3o<\/li>\n      <\/ul><\/div>\n    <\/div>\n    <div class=\"pil-card pil-grid2 wide-right\" style=\"gap:16px\">\n      <div class=\"pil-grid2\" style=\"gap:10px;align-items:center;font-size:12px\">\n        <div><b>Empresa<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-manutd.png\" alt=\"Escudo do Manchester United\" loading=\"lazy\" style=\"max-width:60px;margin-top:4px\"><\/div>\n        <div><b>Comprador<\/b><br><span style=\"font-size:15px;font-weight:800\">Fam\u00edlia Glazer<\/span><\/div>\n        <div><b>Data<\/b><br>Mai-2005<\/div>\n        <div><b>Pa\u00eds<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-flag-uk.png\" alt=\"Bandeira do Reino Unido\" loading=\"lazy\" style=\"width:30px;margin-top:4px\"><\/div>\n      <\/div>\n      <div><b style=\"font-size:12px\">Descri\u00e7\u00e3o<\/b><ul class=\"pil-list\">\n        <li>Utilizando grandes quantias em d\u00edvida, a fam\u00edlia Glazer foi adquirindo aos poucos as a\u00e7\u00f5es de acionistas minorit\u00e1rios do Manchester United, at\u00e9 finalmente retirar a empresa da bolsa brit\u00e2nica em 2005<\/li>\n        <li>O <b>grande uso de d\u00edvida<\/b> foi criticado por torcedores, visto que os lucros do clube eram destinados ao pagamento das d\u00edvidas, ao inv\u00e9s de serem reinvestidos no clube<\/li>\n      <\/ul><\/div>\n    <\/div>\n    <div class=\"pil-card pil-grid2 wide-right\" style=\"gap:16px\">\n      <div class=\"pil-grid2\" style=\"gap:10px;align-items:center;font-size:12px\">\n        <div><b>Empresa<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-dell.png\" alt=\"Logo da Dell\" loading=\"lazy\" style=\"max-width:100px;margin-top:4px\"><\/div>\n        <div><b>Comprador<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-silverlake.png\" alt=\"Logo da Silver Lake\" loading=\"lazy\" style=\"max-width:110px;margin-top:4px\"><\/div>\n        <div><b>Data<\/b><br>Fev-2013<\/div>\n        <div><b>Pa\u00eds<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-flag-eua.png\" alt=\"Bandeira dos Estados Unidos\" loading=\"lazy\" style=\"width:30px;margin-top:4px\"><\/div>\n      <\/div>\n      <div><b style=\"font-size:12px\">Descri\u00e7\u00e3o<\/b><ul class=\"pil-list\">\n        <li>Fundador e, na \u00e9poca, CEO da Dell, Michael Dell, com o aux\u00edlio da Private Equity Silver Lake, adquiriu as a\u00e7\u00f5es da empresa em um MBO<\/li>\n        <li>Racional do CEO era que a Dell se beneficiaria de <b>menor press\u00e3o por entregas trimestrais de resultados<\/b>, permitindo maiores investimentos em pesquisa, o que resulta em menores lucros no curto prazo<\/li>\n      <\/ul><\/div>\n    <\/div>\n    <div class=\"pil-card pil-grid2 wide-right\" style=\"gap:16px\">\n      <div class=\"pil-grid2\" style=\"gap:10px;align-items:center;font-size:12px\">\n        <div><b>Empresa<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-twitter.png\" alt=\"Logo do Twitter\" loading=\"lazy\" style=\"max-width:110px;margin-top:4px\"><\/div>\n        <div><b>Comprador<\/b><br><span style=\"font-size:15px;font-weight:800\">Elon Musk<\/span><\/div>\n        <div><b>Data<\/b><br>Out-2022<\/div>\n        <div><b>Pa\u00eds<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-flag-eua.png\" alt=\"Bandeira dos Estados Unidos\" loading=\"lazy\" style=\"width:30px;margin-top:4px\"><\/div>\n      <\/div>\n      <div><b style=\"font-size:12px\">Descri\u00e7\u00e3o<\/b><ul class=\"pil-list\">\n        <li>Em 2022, o empres\u00e1rio Elon Musk fez uma oferta n\u00e3o-solicitada de aquisi\u00e7\u00e3o das a\u00e7\u00f5es do Twitter, que era negociado na NYSE desde 2013<\/li>\n        <li>O magnata acreditava que a empresa era \u201cm\u00edope\u201d, focando em apresentar bons resultados trimestrais, ao inv\u00e9s de engajar em projetos de longo prazo, o que seria mais vi\u00e1vel se a empresa fosse privada<\/li>\n      <\/ul><\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: <i>Clippings;<\/i> An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Algumas empresas brasileiras listadas avaliaram a possibilidade de se tornarem privadas \u2013 com algumas optando pela sa\u00edda<\/h2>\n  <div style=\"display:grid;gap:14px\">\n    <div class=\"pil-card pil-grid2 wide-right\" style=\"gap:16px\">\n      <div class=\"pil-grid2\" style=\"gap:10px;align-items:center;font-size:12px\">\n        <div><b>Empresa<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-getnet.png\" alt=\"Logo da Getnet\" loading=\"lazy\" style=\"max-width:110px;margin-top:4px\"><\/div>\n        <div><b>Comprador<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-santander.png\" alt=\"Logo do Santander\" loading=\"lazy\" style=\"max-width:110px;margin-top:4px\"><\/div>\n        <div><b>Data<\/b><br>Dez-2022<\/div>\n        <div><b>Pa\u00eds<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-flag-brasil.png\" alt=\"Bandeira do Brasil\" loading=\"lazy\" style=\"width:30px;margin-top:4px\"><\/div>\n      <\/div>\n      <div><b style=\"font-size:12px\">Descri\u00e7\u00e3o<\/b><ul class=\"pil-list\">\n        <li>A Getnet, bra\u00e7o de adquir\u00eancia do Santander, submeteu uma OPA em Dez-22, <b>deixando de ter seus papeis listados na B3<\/b><\/li>\n        <li>A decis\u00e3o veio do pr\u00f3prio Grupo Santander, ap\u00f3s queda de +50% no pre\u00e7o da a\u00e7\u00e3o desde o IPO, sendo uma <b>oportunidade para readquirir os pap\u00e9is a um desconto<\/b><\/li>\n      <\/ul><\/div>\n    <\/div>\n    <div class=\"pil-card pil-grid2 wide-right\" style=\"gap:16px\">\n      <div class=\"pil-grid2\" style=\"gap:10px;align-items:center;font-size:12px\">\n        <div><b>Empresa<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-zamp.png\" alt=\"Logo da Zamp\" loading=\"lazy\" style=\"max-width:110px;margin-top:4px\"><\/div>\n        <div><b>Comprador<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-mubadala.png\" alt=\"Logo da Mubadala\" loading=\"lazy\" style=\"max-width:100px;margin-top:4px\"><\/div>\n        <div><b>Data<\/b><br>Set-2022<br>(n\u00e3o aceita)<\/div>\n        <div><b>Pa\u00eds<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-flag-brasil.png\" alt=\"Bandeira do Brasil\" loading=\"lazy\" style=\"width:30px;margin-top:4px\"><\/div>\n      <\/div>\n      <div><b style=\"font-size:12px\">Descri\u00e7\u00e3o<\/b><ul class=\"pil-list\">\n        <li>O fundo soberano dos Emirados \u00c1rabes, Mubadala, submeteu uma OPA pela Zamp, operadora dos restaurantes Burger King no Brasil<\/li>\n        <li>Ap\u00f3s discuss\u00f5es, a <b>oferta n\u00e3o foi aceita<\/b> devido a conflitos nas negocia\u00e7\u00f5es com a RBI, dona da marca Burger King nos Estados Unidos<\/li>\n      <\/ul><\/div>\n    <\/div>\n    <div class=\"pil-card pil-grid2 wide-right\" style=\"gap:16px\">\n      <div class=\"pil-grid2\" style=\"gap:10px;align-items:center;font-size:12px\">\n        <div><b>Empresa<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-braskem.png\" alt=\"Logo da Braskem\" loading=\"lazy\" style=\"max-width:110px;margin-top:4px\"><\/div>\n        <div><b>Comprador<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-apollo.png\" alt=\"Logo da Apollo\" loading=\"lazy\" style=\"max-width:110px;margin-top:4px\"><\/div>\n        <div><b>Data<\/b><br>Fev-2023<br>(<i>ongoing<\/i>)<\/div>\n        <div><b>Pa\u00eds<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-flag-brasil.png\" alt=\"Bandeira do Brasil\" loading=\"lazy\" style=\"width:30px;margin-top:4px\"><\/div>\n      <\/div>\n      <div><b style=\"font-size:12px\">Descri\u00e7\u00e3o<\/b><ul class=\"pil-list\">\n        <li>Fundo de <i>Private Equity<\/i>, Apollo Global Management, submeteu OPA pela Braskem, petroqu\u00edmica com acionistas como Petrobras e Novonor (antiga Odebrecht)<\/li>\n        <li>A <b>oferta enfrenta oposi\u00e7\u00e3o da Unipar e do Grupo Ultra<\/b>, com dificuldades tamb\u00e9m devido a discuss\u00f5es pol\u00edticas acerca da possibilidade de uma petroqu\u00edmica estar sobre controle estrangeiro<\/li>\n      <\/ul><\/div>\n    <\/div>\n    <div class=\"pil-card pil-grid2 wide-right\" style=\"gap:16px\">\n      <div class=\"pil-grid2\" style=\"gap:10px;align-items:center;font-size:12px\">\n        <div><b>Empresa<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-edp-brasil.png\" alt=\"Logo da EDP com a bandeira do Brasil (EDP Brasil)\" loading=\"lazy\" style=\"max-width:70px;margin-top:4px\"><\/div>\n        <div><b>Comprador<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-edp-portugal.png\" alt=\"Logo da EDP com a bandeira de Portugal (Energias de Portugal)\" loading=\"lazy\" style=\"max-width:70px;margin-top:4px\"><\/div>\n        <div><b>Data<\/b><br>Mar-2023<br>(<i>ongoing<\/i>)<\/div>\n        <div><b>Pa\u00eds<\/b><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5492-flag-brasil.png\" alt=\"Bandeira do Brasil\" loading=\"lazy\" style=\"width:30px;margin-top:4px\"><\/div>\n      <\/div>\n      <div><b style=\"font-size:12px\">Descri\u00e7\u00e3o<\/b><ul class=\"pil-list\">\n        <li>O grupo Energias de Portugal submeteu uma OPA para <b>adquirir as a\u00e7\u00f5es da sua subsidi\u00e1ria brasileira<\/b>, listada na B3<\/li>\n        <li>O grupo cita que o ambiente global de energia est\u00e1 desafiante e que o movimento permite <b>simplificar a estrutura organizacional da EDP<\/b><\/li>\n      <\/ul><\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: <i>Clippings;<\/i> An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>An IPO, the process by which a company is listed on the stock exchange, is a dream for many entrepreneurs.<br \/>\nHowever, there are disadvantages to being a listed company, such as greater regulatory demands and pressure to release quarterly results.<\/p>","protected":false},"author":1,"featured_media":5488,"template":"","meta":[],"class_list":["post-5492","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/5492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas"}],"about":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/types\/pilulas"}],"author":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media\/5488"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=5492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}