J&F Investimentos SA has agreed to sell a controlling stake in Havaianas flip-flop maker Alpargatas SA to the investment firms of Brazil`s most prominent banking families for 3.1 billion), according to securities filings on Wednesday.
Under terms of the deal, Cambuhy Investimentos Ltda, Itaúsa Investimentos SA and the fund Brasil Warrant will split J&F`s 86 percent stake in Alpargatas, the filling said. Both had bid 3.3 billion reais for Alpargatas before talks appeared to have collapsed, Reuters reported on Sunday.
The much-awaited sale is the first by J&F, the holding company overseeing the fortune of Brazil`s billionaire Batista family, since it was slammed with a record-setting leniency fine linked to a corruption probe. Proceeds from the sale will go to help repay J&F`s debt and speed up payments on the 10.3 billion-real fine, people told Reuters on Sunday.
The filings said the Cambuhy-led group will pay 14.25 reais for each Alpargatas common share and 11.40 reais for each preferred share.
São Paulo-based Alpargatas makes Havaianas flip flops worn by celebrities from Blake Lively to Jennifer Aniston. Its shares had surged 56 percent this year on expectations of a sale. Alpargatas also manages a wide array of Brazilian fashion brands including beachwear brand Osklen.
Itaúsa oversees the fortune of Brazil`s Villela and Setubal families, who control São Paulo-based Itaú Unibanco Holding SA, Latin America`s largest bank by assets. Cambuhy is the family office of Brazil`s billionaire Moreira Salles family, also a major Itaú shareholder.
Reuters first reported the Cambuhy-led bid on June 16.
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