Friday, June 2, 2023

Moreira Salles family launches an offer for shares of Brazilian Alpargatas

SAO PAULO, Brazil (Reuters) – An investment firm backed by the Brazilian Moreira Salles family has submitted an offer to increase its stake in shoemaker Alpargatas SA, the company said on Monday, sending its shares higher.

According to Alpargatas, which makes Havanas sandals, MS Alpa will buy 32 million shares of the company at 10.50 reais ($2.10) each, a 17.2% premium to the May 19 closing price.

Alpargat titles are down nearly 40% so far this year.

MS Alpa is controlled by the owners of Cambuhi Holding Company and the Alpa Investment Fund linked to the Moreira Salles family, who are already part of the Alpargatas control block with approximately 28% ownership, the company said. regulator.

Other important shareholders of the company are the investment company Etousa SA and Silvio Tini.

“We welcome the move by one of the majority and potential long-term shareholders of the company to raise its stake at a premium in a transparent and organized framework,” said analysts at JP Morgan.

The offer, he added, would also be a good starting point in terms of an insider offering a premium at current price levels.

Analysts at Citi believe the market interpreted the move as a preliminary step towards a wider takeover of majority shareholders and a possible delisting following the recent fall in Alpargata’s shares.

(1 dollar = 5.0033 reais)

Nation World News Desk
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