Portuguese conglomerate Sonae SGPS SA announced 22 December 2004 the sale of its stake in glassmaker Barbosa & Almeida to the company“s management for EUR 164 million.
Sonae said it has agreed to a …
Portuguese conglomerate Sonae SGPS SA announced 22 December 2004 the sale of its stake in glassmaker Barbosa & Almeida to the company“s management for EUR 164 million. Sonae said it has agreed to a disposal in stages of its entire holding in Bar-Bar-Idade Glass SA, a company that controls 100% of Barbosa & Almeida, to a company controlled by Carlos Moreira da Silva as part of a management buy-out which he is leading. A shareholding of 10.42% in BBI Glass was sold 22 December 2004. A further 27.8% will be sold up to 31 March 2005, while the remaining shareholding of 11.75% to be sold in three separate transactions of an equal number of shares on 31 January 2006, 31 January 2007 and 31 January 2008. The transaction, including the sale of shares and the reimbursement of shareholders“ loans, represents a cash inflow of around EUR 164 million, of which about EUR 128 million will be received up to 31 March 2005, and a capital gain in the consolidated financial statements of Sonae estimated to be around EUR 65 million, which will be recorded as and when the shares are sold. Carlos Moreira da Silva will continue as Chief Executive Officer of Sonae Industria SGPS SA in accordance with his current mandate.