Duratex Expands in Colombia

Brazilian wood products maker Duratex has initiated the process through which it could buy up to 52% of Colombia’s Tablemac, it says, spending as much as $128m-equivalent. Duratex has agreed to buy 25% of the Colombian industrial wood panels specialist for $56m, or COP12.00 per share. In the next 10 days, it plans to launch a public offer to Tablemac shareholders for an additional 10-12% at the same price, spending up to $37m. Finally, Duratex can, within the next 2 years, opt to buy another 15% at the same per-share price adjusted by an annual rate of 6.25%. Tablemac has a market cap of COP249bn ($136m) and took in COP24.6bn in Ebitda in 2011.