LIMA, April 12 (Reuters) - Brazil-based Votorantim Industrial SA raised its stake in the Peruvian polymetallic miner Milpo to 80.24 percent from 60.07 percent in a 579 million sole ($177 million) acquisition of shares, the company said on Tuesday.
Votorantim, Brazil’s largest diversified industrial conglomerate, paid 2.18 soles a share in the transaction. Milpos’s share price fell 0.86 percent on Lima’s stock market afterward.
Milpo is a major producer of zinc and lead.
Votorantim has been taking steps to reduce debt and expand outside Brazil to keep up profitability levels, its chief executive said last week.
Reporting by Ursula Scollo; Editing by Peter Cooney