A venture part-owned by the family of Brisa-Auto Estradas de Portugal SA’s chairman raised its stake in the highway operator to 85 percent after completing a bid for the company.
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, raised its bid in July to 2.76 euros a share from the 2.66 euros a share it offered on March 29. Aeif Apollo and Jose de Mello already owned a combined 50 percent Brisa stake and 54 percent of its voting rights.
Tagus acquired 211.7 million shares in the offer for 584.2 million euros ($717.6 million). Brisa holds 7.87 percent of its own stock, the NYSE Euronext Lisbon exchange said today in an e-mailed statement. Brisa, Portugal’s seventh-biggest company by market value, will be excluded from country’s benchmark PSI-20 stock index starting Aug. 13.
Jose de Mello Chairman Vasco de Mello, who is also Brisa’s chairman and chief executive officer, said Tagus was able to secure more than 90 percent of Brisa’s voting rights and will consider delisting the toll-road company, which is based in the Lisbon suburb of Sao Domingos de Rana.
“The strategic objectives of the Jose de Mello Group and Arcus were fully achieved,” Mello told journalists at a conference in Lisbon.
Aeif is a unit of London-based Arcus Infrastructure Partners LLP.