Finance
Cma Cgm Agrees to Buy 48% of Santos Brasil for $1.2 Billion, Will Launch Takeover Bid
Published by Uma Rajagopal
Posted on September 23, 2024
1 min readLast updated: January 29, 2026
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SAO PAULO (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
SAO PAULO (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 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)
Frequently Asked Questions about CMA CGM agrees to buy 48% of Santos Brasil for $1.2 billion, will launch takeover bid
1What is a takeover bid?
A takeover bid is an offer made by an individual or company to purchase another company's shares, typically at a premium over the current market price, to gain control of that company.
2What are Global Depositary Receipts?
Global Depositary Receipts (GDRs) are financial instruments that allow investors to hold shares in foreign companies, making it easier to trade on local stock exchanges.
3What is a securities filing?
A securities filing is a formal document submitted to regulatory authorities, such as the SEC, detailing information about a company's financial status and other relevant data.
4What is a premium in finance?
In finance, a premium refers to the additional amount paid over the market price for an asset, often used in the context of options or takeover bids.
