France's CMA CGM to acquire Brazil's top container terminal in $2 bln deal
Santos Brasil shares surge 15%
CMA CGM to pay $1.1 bln for a 47.6% stake in Santos Brasil
To launch takeover offer for rest of shares on deal close
Initial deal expected to close in Q1, 2025
Adds Santos Brasil share reaction in paragraph 2, analyst comment in paragraph 8
By Andre Romani and Gus Trompiz
SAO PAULO/PARIS, Sept 23 (Reuters) -French shipping giant CMA CGM plans to acquire port terminal operator Santos Brasil STBP3.SA in a deal that could reach $2 billion and give it control of South America's largest container terminal, it said on Monday.
Shares of Santos Brasil surged around 15% on the news, outpacing Brazil's benchmark stock index Bovespa .BVSP, which slipped 0.5% in early Monday trading.
The deal, first announced on Sunday by Santos Brasil in a regulatory filing, extends an acquisition spree by the Marseille-based company since it earned billions during a shipping boom in the wake of the COVID-19 pandemic.
CMA CGM will pay 6.3 billion reais ($1.13 billion) for a 47.6% stake in Santos Brasil, and then on closing launch a takeover offer for the remaining shares.
"Brazil is a country that is growing fast and we have the means to back our ambitions," CEO Rodolphe Saade told reporters on a call.
CMA CGM has pointed to regions like South America as supporting its growth in recent years alongside huge trade flows between China and the United States.
Santos Brasil runs the Tecon Santos terminal, Brazil's and South America's biggest, with capacity to handle around 2.5 million containers per year at the Santos port in Sao Paulo state.
"The fact that CMA was the buyer was somewhat unexpected, as other larger players in Santos were considered favorites (Maersk and MSC)," BTG Pactual analysts said. "We expect shares to react positively and minority shareholders to join the tender offer."
CMA CGM TO FINANCE DEAL FROM OWN FUNDS
Santos Brasil operates other terminals moving containers, vehicles and liquid bulk in the north and south of the country.
CMA CGM, the world's third-biggest container shipping line, aims to cut waiting times for vessels at Santos port, which can stretch to 10 days, Saade said.
A U.S. election focus on further tariffs against Chinese goods and the risk of a port strike on the U.S. East Coast have clouded the outlook for shipping towards the United States.
In the deal, CMA CGM will acquire its initial stake from family-owned Brazilian asset manager Opportunity for 15.30 reais each.
The price represents a 20% premium over Friday's closing price. The initial deal is expected to close in the first quarter of 2025, subject to regulatory approval, after which CMA CGM would tender for all other shares within 30 days.
CMA CGM will finance the deal from its own funds, it said.
Its acquisition flurry has also led it to expand its logistics business and buy French media businesses, drawing calls in France for it to pay more in taxes.
The group is willing to contribute to any windfall tax on major companies the new government deems necessary, but opposes scrapping the shipping tax regime, said Saade, who controls CMA CGM with other family members.
($1 = 5.5689 reais)
Reporting by Andre Romani in Sao Paulo, Gus Trompiz and Tassilo Hummel in Paris; Additional reporting by Gabriel Araujo; Editing by Jamie Freed, Christina Fincher and Emelia Sithole-Matarise
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