Brazil's J&F vows to keep Alpargatas management on board

lunes 23 de noviembre de 2015 08:54 GYT
 

SAO PAULO Nov 23 (Reuters) - J&F Investimentos SA, the investment holding company for the non-meatpacking business of Brazil's billionaire Batista family, will keep the current management of Alpargatas SA on board after Monday's acquisition of a 44.1 percent stake in the footwear and apparel producer.

In a statement, J&F said that there is no timetable for a tender offering to minority shareholders stemming from the acquisition of a majority stake in Alpargatas. The lack of a clear timetable for the tender drove preferred shares of Alpargatas down 5.6 percent in early Monday trading. (Reporting by Guillermo Parra-Bernal Editing by W Simon)