Francesa Loxam buys control of Brazilian Mills

Mills reported this Monday (25) that its controlling shareholders signed a contract to sell their entire stake in the company - equivalent to 50.3% of the share capital - to Loxam, a French company in the machinery and equipment rental segment.

In a relevant fact sent to the CVM (Securities Commission), the company details that Loxam has committed to purchasing the shares in the controlling block for R$ 16.00 per share, a value that represents a premium of 22% over the closing price of Mills shares on Friday, 22nd. The price will be adjusted, from the 31st day counting from the present date and until the effective closing of the operation, by 70% of the CDI. Full payment will be made in cash at closing.

After the implementation of the operation, Loxam will be obliged to carry out a public offer for acquisition (OPA) of all the remaining shares issued by Mills, for the same price per share paid to the controlling shareholders. According to the statement, this value will be updated by the Selic rate, from the date of closing of the sale of control until the date of settlement of the offer.

Mills emphasizes that the closing of the transaction is subject to compliance with the usual suspensive conditions for this type of transaction, including the approval of Cade (Administrative Council for Economic Defense).

In the context of the operation, Mills and the sellers were advised by Lazard, Trindade Sociedade de Advogados and Lefosse Advogados, while Loxam was advised by Euro Latina Finance, Spinelli Advogados and Demarest Advogados.

*Content prepared with the help of Artificial Intelligence, reviewed and edited by the Broadcast editorial team, Grupo Estado's real-time news system

Source: CNN