Italians Considering Brazilian Sale

Brazil’s Primav Construcoes e Comercio has added more detail to its BRL1.76bn ($850m) offer to buy an additional 19% stake in road concession operator EcoRodovias from Italian builder Impregilo, EcoRodovias says. Primav, which is controlled by the Brazilian conglomerate CR Almeida, already owns 45% of Ecorodovias, while Impregilo holds a 29% stake. If Impregilo accepts, its remaining 10% stake in Ecorodovias would be subject to a lock-up period of 2 years. The price tag corresponds to BRL16.59 per share, and is based an average closing price over the previous 6 months plus an 11% premium. EcoRodovias’ shares closed Tuesday at BRL16.11. The offer is still being negotiated and expires on July 13.