Deals
Shipping Billionaire Saade’s M&A Spree Reaches Brazil Ports
- CMA CGM to buy 48% stake in Santos Brasil, launch tender offer
- Saade family-backed firm is on post-Covid run of acquisitions
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French shipping giant CMA CGM SA, backed by the billionaire Saade family, is vying to take full control of Brazilian ports operator Santos Brasil Participacoes SA in a $2 billion move to bolster its presence in the fast-growing region.
The world’s third-largest container line reached a cash deal to buy 48% of Santos Brasil from Opportunity Asset Management Ltda for around 6.3 billion reais ($1.1 billion) and plans to launch a public offer on the remaining shares in the coming months, according to a statement Monday.