Chile's Briones family hikes Bío Bío stake

The Briones family has decided to acquire a further 13.1 per cent stake in Cementos Bío Bío SA from Votorantim for more than CLP29bn (US$45.5m), according to Chilean daily La Tercera.

This purchase would bring the Briones stake to 39.52 per cent, making it the largest shareholder in the Chilean cement producer, followed by a 19.03 per cent stake held by other members of the Briones family.

Citing informed sources, La Tercera reported that Votorantim had approached the Chilean businessmen with a proposal to sell its entire 16.7 per cent interest. However, the Briones brothers acting through investment company Invesa have opted for a partial purchase, paying CLP847/share.