Invesa to consolidate Bío Bío majority

Chile’s Inversiones y Desarollos (Invesa) officially launched a public offer to acquire 54,208,259 shares in Cementos Bío Bío.

In November Invesa acquired a 13.1 per cent stake in the cement producer from Brazil-based Votorantim for around US$46m, increasing its total share to 39.51 per cent.

Taking into account the shares held by other Invesa businesses, the group would raise its stake in Cementos Bío Bío to 79.48 per cent.

Including the public offer, Invesa will have spent a total of US$70m (US$1.35/share) to consolidate its control of CBB.

Former Latam Airlines executive Enrique Elsaca will succeed Inaki Otegui as the company’s top man.