Camargo Ups Offer for Subsidiary

Brazil’s Camargo Correa has increased its offer to acquire all outstanding shares of its Camargo Correa Desenvolvimento Imobiliario (CCDI) real estate unit, it says, and could now spend up to BRL210m ($101m). It will now offer BRL5.50 per share, up from the BRL4.70 announced in March. The increase comes after a new evaluation of CCDI’s share price by Santander, that had been requested by minority shareholders. Camargo plans to hold a public tender for the 38.25m outstanding shares, or 33.85% of the company, and delist CCDI upon conclusion. It does not disclose the timetable. CCDI shares closed Wednesday at BRL5.31.