
On Sunday, April 2, Brazilian aluminium manufacturer Companhia Brasileira de Alumínio (CBA) announced that its controlling shareholder, conglomerate Votorantim SA, will sell 34 million shares in the firm in a follow-on offering. Votorantim SA has a 75.9% interest in CBA, says data from Refinitiv Eikon.

Last week, the company said it was considering a secondary offering to increase the liquidity of CBA's stock. The move would also fit perfectly with Votorantim's portfolio diversification plan.
If demand allows, CBA said the offering might be raised by up to 85 per cent, or 28.9 million shares. It will also contain a price-stabilization greenshoe option of up to 5.1 million shares. On April 6, the offering will be priced. If all of the extra shares and greenshoe are sold, CBA will raise 1.35 billion reais ($289.81 million), based on the closing price of 19.93 reais per share on Friday.
The offering will be managed by BTG Pactual, Bank of America, Bradesco BBI, UBS BB, Citigroup Brasil, Itau BBA, and JPMorgan.
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