Santos Brasil delists from stock exchange after CMA CGM becomes majority shareholder

Santos Brasil, the largest container terminal operator at the Port of Santos and in Brazil, ceased trading its shares on the stock exchange (B3) as of Friday, 3. The delisting follows a decision by CMA CGM, the shipping giant that acquired 42.07% of the company’s shares on September 11, becoming its majority shareholder. With CMA CGM already holding 51%, its stake has now reached 93.07%.

Santos Brasil disclosed a material fact notice on September 29 informing the market of its request to the Securities and Exchange Commission of Brazil (CVM) to convert its securities issuer registration from category “A” to category “B,” a process initiated on September 12.

“The company reiterates that it will keep its shareholders and the market duly informed about any other relevant developments, in accordance with applicable law and regulation,” said Daniel Pedreira Dorea, the company’s CFO and Investor Relations Officer, in the filing.

CMA in control

Through its subsidiary CMA Terminals Atlantic, CMA CGM purchased more than 363.5 million shares of Santos Brasil (42.07% of capital) in a public tender auction on September 11. As a result, CMA CGM now controls about 93% of the company. Some 58.4 million shares, or 6.76% of the capital, remain in the market.

Shareholders who did not sell during the auction may still do so within the next three months, receiving the same price paid by CMA CGM (adjusted by the Selic rate, minus any dividends).

Investment plan

Santos Brasil has a R$2.6 billion investment plan to expand and modernize the Tecon Santos terminal between 2019 and 2031. This will boost operational capacity to 3 million TEU. The expansion, originally scheduled for 2031, is now expected to be completed by 2026, with most of the investment already made.

“For 2025/26, between R$1 billion and R$1.2 billion are planned, giving the terminal another leap in capacity and productivity,” the company stated.

Source: A Tribuna

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