Brazil's most prominent banking clans could pay between 3.3 billion reais and 3.5 billion reais ($1 billion and $1.1 billion) for a majority stake in Havaianas flip flop maker Alpargatas SA, two people with knowledge of the matter said. Proceeds from a sale of Alpargatas, whose shares are up sharply this year, could help pay down the heavy debt load of the owners, who are also involved in a corruption scandal.
Cambuhy Investimentos Ltda and Itaosa Investimentos SA are working to iron out terms of a deal by as early as next week, when exclusivity talks expire with Alpargatas' controlling shareholder J&F Investimentos SA, the first person said. J&F, which owns 86 percent of Alpargatas and oversees the fortune of the billionaire Batista family, must raise cash to pay a 10.3 billion real leniency fine and refinance looming loan maturities, the people said. J&F's owners Joesley and Wesley Batista signed a leniency deal in May after admitting to bribing almost 1,900 politicians.
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