Global Steelmaker Tenaris has increased a previous offer to buy all the shares it doesn’t already own in its Brazilian Confab unit by 13%, to BRL5.85 ($2.92) per share. The price is up from a BRL5.20 offer made in August, and indicates a BRL440m ($247m) purchase if holders of all 75.2m outstanding minority shares accept. Shareholders rejected the earlier offer. Some Confab minority shareholders have already agreed to the price, Tenaris says. If successful, Tenaris plans to delist Confab from the Sao Paulo stock exchange.
Category: Equity
Posted inDaily Brief
Pacasmayo Eyes February Listing
Peru’s Cementos Pacasmayo is likely to price a New York equity follow-on in February, according to people following the deal, though a firm date still remains to be set. The Hochschild Group-controlled cement maker is seen looking to raise about $250m in its US debut, to fund the expansion of its La Rioja plant and also develop a phosphate and brine project. JPMorgan and Santander are managing the deal. Fellow Peruvian Andino Investment Holdings is scheduled to price a $50m-$60m local-only IPO tomorrow.
Posted inDaily Brief
Vapores Completes First Phase of Equity Offer
Chilean shipping and ports operator Compania Sudamericana de Vapores has raised $659m in the first stage of a share subscription closed Tuesday. The funds are part of a $1.2bn capital increase approved last year to turn Vapores’ fortunes around amid a difficult global shipping environment. Following the close of the period open only to existing holders, the next phase of the offer, open to the public, is set to run today through Tuesday. Vapores is offering 5.87bn new shares in the transaction, at $0.2045-equivalent each. CSAV is controlled by Quinenco, the investment arm of the Luksic group. The plan also includes the spinoff of the company’s port and logistics unit, Sudamericana Agencias Aereas y Maritimas.
Posted inMagazine
Happy Farewell to 2011
Bankers and would-be issuers were no doubt happy to see the calendar turn past what was a lackluster 2011. Though Santander Chile’s $950 million follow-on met with success in December, […]
Posted inDaily Brief
Peru Port Operator Pushes Back Equity Pricing
Andino Investment Holding is readying an IPO of as much as $60m-equivalent for Thursday, after initially scheduling the auction for today. The port and logistics operator is looking to sell 15m-30m shares. It has set a PES4.70 minimum price, and is heard likely to sell at around PES5.10 each. If the full amount is sold at this price, the issuer is could raise PES153m ($57m). Proceeds would be used to reduce debt and for expansion projects. BCP is managing the sale. Andino borrowed $85m from Goldman Sachs last year to purchase fellow port operators Neptunia and Agencia Maritima.
Posted inDaily Brief
Copec Seeks Higher Stake in Proenergia
Compania de Petroleos de Chile (Copec) has notified Colombian regulators that it plans to acquire an additional 9.99% of Proenergia Internacional for COP123.2bn ($61.6m). The Chilean energy company has an established agreement to buy the stake, or 13.3m ordinary shares, from Corporacion Financiera Colombiana. It will carry out the transaction through the Colombian exchange by launching a public offer at COP9,280 per share, Copec says. The company already owns 56.15% of Proenergia. Officials at Copec or the Corporacion Financiera Colombiana could not immediately be reached for further comment. Corredores Asociados was retained by Copec, while the Sociedad Comisionista de Bolsa will advise the Corporacion Financiera Colombiana. Copec acquired an initial 47.2% stake in Proenergia when it bought the assets of AEI in Colombia last year.
Posted inDaily Brief
Alfa’s Alpek Revives IPO Hopes
Mexico’s Grupo Alfa has made initial filings for an IPO of its Alpek Petrochemichals subsidiary, it says. The conglomerate does not give further indications of timing or other details, but Credit Suisse, Citi, HSBC and Morgan Stanley are heard to be managing the process. The plan is to sell a Mexican registered portion in the local market, and a 144A issue abroad. Any deal wanting to price using the September 30 numbers would need to happen by the second week of February, according to ECM bankers. Both bankers and investors see large blue-chip names as the key to opening the region’s new issue markets this year and to reviving them from last year’s weak pace. “Volatility is down and investors are ready to analyze transactions,” says an ECM banker away from Alpek. “Especially with IPOs, valuations are under pressure. Whoever jumps first has to be good and large,” says another. Alpek has 21 plants in 3 countries, and booked $4.8bn in revenues in 2010. Elsewhere in the market, Andino Investment Holdings is readying a Peru local-only IPO, and Cementos Pacasmayo is planning a New-York follow-on. Bancolombia kicked the year off with an $885m follow-on set to close later this month, and the first Brazilians out of the gate could include IPOs from travel agencies CVC and Brazil Travel.
Posted inDaily Brief
BTG Flips Vanguarda Stake
BTG Pactual has raised BRL112m ($62m) from the sale of shares in Vanguarda Agro in a public auction. The sale of the 295m shares, or 12.7% of the company, comes just days after BTG disclosed it had acquired a 10.9% position in the biofuels company as repayment for a debt. The BRL0.38 price represents a slight premium to the previous day’s BRL0.36 close. Vanguarda shares closed at BRL0.36 Friday.
Posted inDaily Brief
LatAm Equity Flows Defy EM Surge
EM equity funds continued to see a positive start to 2012 after bringing in $1.84bn for the week ending January 11, though LatAm funds stumbled with $74m in outflows, according to EPFR. Performance news continued to be good, with LatAm funds up 3.94% for the week and 6.52% for the year, according to Lipper. EM funds gained 2.14% on the week and 3.87% for the year. That compares to a 2.32% gain among global small and mid-cap funds, which are up 3.65% on the year.