Brisa-Auto Estradas de Portugal SA, the country’s biggest highway operator, dropped the most since at least 1997 in Lisbon as Tagus Holdings Sarl wasn’t obliged to buy the remaining shares.
Brisa shares fell 15 percent to 2.32 euros at the close of trading, giving the company a market value of 1.39 billion euros ($1.71 billion).
“The fact that Tagus doesn’t have to carry out a compulsory squeeze-out purchase of the remaining shares explains the decline,” said Bruno Costa, a trader at Go Bulling in Lisbon.
The Tagus Holdings Sarl venture, owned by Jose de Mello SGPS SA, a holding company for one of Portugal’s richest families, and Aeif Apollo Sarl, holds 85 percent of the toll- road operator’s shares and 92 percent of voting rights after completing a 2.76 euro-a-share bid, Brisa, based in the Lisbon suburb of Sao Domingos de Rana, said in a statement yesterday.
While Tagus will consider delisting Brisa from the stock market, the bid didn’t meet the requirements needed to allow it to carry out a compulsory squeeze-out purchase of the remaining shares, Jose de Mello Chairman Vasco de Mello said yesterday.
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