Camargo RE Wraps Up Buyback

Brazil’s Camargo Correa has concluded an offer to acquire outstanding shares of its Camargo Correa Desenvolvimento Imobiliario (CCDI) real estate unit, it says, spending BRL190m ($94m). The parent is to buy back 34.5m shares, at BRL5.52 per share, out of the 38.3m outstanding that represent a 33.85% float. The price represents an increase from the BRL4.70 it targeted when first announcing its intentions in March. Barclays managed the auction. Privately-held Camargo intends to delist CCDI. Camargo’s Intercement unit – holding assets acquired from Cimpor earlier this year – is considered as a candidate for an IPO in Brazil, according to ECM bankers.