SAO PAULO, Sept 22 (Askume) – French shipping giant CMA CGM has agreed to acquire a 47.6% stake in port terminal operator Santos Brasil for 6.3 billion reais ($1.2 billion) and will launch a takeover bid for the remaining shares, it said in a securities filing today.
The document shows that according to the agreement, CMA CGM will buy about 215 million shares and about 40 million Santos Brasil Global depositary receipts (STBP3.SA) from Brazilian asset management company Opportunity at a price of 15.30 reais per share.
This price is 20% higher than Santos Brasil’s stock closing price of 12.71 reais on Friday.
The French company has also committed to launching a tender offer for the remaining shares of Santos Brazil at the same price, the documents show.
CMA CGM will submit a tender offer within 30 days of completing the stake acquisition, which still requires approval from Brazilian anti-competition agency CADE and water transport regulator ANTAQ.
(1 USD = 5.5098 Reals)
