CMA CGM agrees to buy 48% of Santos Brasil for $1.2 bln, will launch takeover bid
SAO PAULO, Sept 22 (Reuters) -French shipping giant CMA CGM agreed to buy 47.6% of port terminal operator Santos Brasil for 6.3 billion reais ($1.2 billion), and will launch a takeover bid for the remaining stake, the Brazilian firm said on Sunday in a securities filing.
Under the agreement, CMA CGM would buy some 215 million shares and nearly 40 million Global Depositary Receipts of Santos Brasil STBP3.SA from Brazilian asset manager Opportunity for 15.30 reais each, according to the filing.
The price represents a 20% premium over the 12.71 reais closing price of Santos Brasil shares on Friday.
The French company has also committed to launch a tender offer for the remaining shares of Santos Brasil at the same price, the filing showed.
CMA CGM would file for the tender offer within 30 days after the closing of the stake purchase, which still requires approval from Brazil's antitrust body CADE and waterborne transport regulator ANTAQ.
($1 = 5.5098 reais)
Reporting by Andre Romani; Editing by Jamie Freed
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