Voto Increases Milpo Stake

The Peruvian unit of Votoratim Metais has bought a roughly 8% stake in purchased miner Milpo for just over $200m. The purchase of 74.8m shares of miner Milpo at average of 7.72 soles per unit was done August 5-20, Milpo says. The stock rose from PES6.70 to PES7.40 during that period. The Brazilian conglomerate has long had its eye on the producer of zinc, iron and copper. In April, Votorantim made an offer to boost its then 25% piece in Milpo to a controlling stake. The $3.33 per share offer, raised from a $2.87 offer in March, was rejected on the grounds that it undervalued Milpo.