Brazil's J&F to pay $716 mln for Camargo Correa's Alpargatas stake

lunes 23 de noviembre de 2015 07:32 GYT

SAO PAULO Nov 23 (Reuters) - J&F Investimentos SA, the investment holding company of Brazil's billionaire Batista family, agreed on Monday to pay 2.67 billion reais ($716 million) for the 44.1 percent stake that conglomerate Camargo Correa SA has in apparel and footwear maker Alpargatas SA .

J&F will pay 12.85 reais per common and preferred shares that Camargo owned in Alpargatas, according to a Monday securities filing.

News magazine Exame reported the transaction earlier in the day, without saying how it obtained the information.

According to the filing, J&F has no plans to take Alpargatas private for at least the first year after the acquisition. The transaction requires regulatory approval and will be subject to the launch of a formal offer by J&F, the filing added. (Reporting by Guillermo Parra-Bernal; Editing by Mark Potter)