Opportunity sells stake in Santos Brasil to CMA CGM for R$6.3bn
Sep, 23, 2024 Posted by Sylvia SchandertWeek 202438
Opportunity has sold its stake in port operator Santos Brasil to French global shipping group CMA CGM for approximately R$6.33 billion. The transaction involves a 47.55% stake in the company, but the remaining shares may still be acquired through a public tender offer. The news was first reported by Valor Pro, Valor’s real-time service.
The deal was based on a price of R$15.30 per share, higher than the closing price of R$12.71 on Friday (20). However, the final transaction value may vary until closing, depending on conditions established in the contract. Once the deal is finalized, the definitive amount will be disclosed, and the payment will be made in cash, as the company announced in a notice of material fact on Sunday.
The transaction is subject to approvals from CADE (Administrative Council for Economic Defense), ANTAQ (National Agency for Waterway Transportation), and other port authorities.
The buyers will be required to make a tender offer for the remaining shares of the company at the same price and conditions offered to the sellers. Currently, 51.13% of the shares are publicly traded.
The sale of Santos Brasil was one of the most anticipated transactions in the market. The company operates one of the largest container terminals at the Port of Santos. With CMA CGM’s entry, the previously independent terminal will become part of a global shipping company. CMA CGM operates worldwide with a presence in 160 countries, a fleet of 620 ships, and operations in 420 ports.
Source: Valor Internacional
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