One of Argentina’s main textile groups prepares to abandon the Stock exchange

Wednesday, April 25th 2012 - 06:55 UTC

Full article 27 comments

Alpargatas currently under Brazilian control has been in Argentina for almost a century

One of Argentina’s main textile and shoe wear companies, Alpargatas belonging to the powerful Brazilian Camargo Correa group has begun the process to abandon the Buenos Aires stock exchange.

The conglomerate which holds a 91.42% stake of the group through Sao Paulo Alpargatas has made a public acquisition offer of all remaining shares for which it will pay 8.14 Argentine Pesos each compared to the current market value of 7.90 Pesos. The operation is valid until May 15.

Following that date Alpargatas Argentina will convene an assembly to approve and end to share trading and the voluntary abandonment of the stock exchange.

The Brazilian group Camargo Correa began trading in Buenos Aires back in October 2007. The objective is to take control of 100% of pending shares which is expected to demand an investment of almost 48 million Argentine pesos, approximately 11 million dollars.

Categories: Economy, Argentina.

Tags: Alpargatas, Argentina, Buenos Aires Stock Exchange, Camargo Correa.

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Idlehands
Shame the story doesn't mention the economics or politics behind this. It makes it difficult to comment on.
Apr 25th, 2012 - 08:31 am 0
yankeeboy
This is only the beginning. ARg will become like Zimbabwe or Venezuela in another 3 years, so mismanaged that they can barely feed themselves, business will flee, mfg will drop to the bare minimum. Just look at Venezuela and see the future of Arg. They can't buy milk or toilet paper in Caracas! In BA right now they can't buy diapers!
Apr 25th, 2012 - 10:46 am 0
GreekYoghurt
Tree-bark soup cometh.
Apr 25th, 2012 - 11:09 am 0

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