Alpargatas deal off after price dispute
12/07/2017
Quoting a person with direct knowledge of the matter, Reuters explained that the potential buyers, Cambuhy Investimentos and Itaúsa Investimentos, had asked J&F to lower its asking price for an 86% stake in Alpargatas. J&F rejected this request and ended talks. An exclusivity period ended on July 9.
None of the parties involved commented on the matter and there was no confirmation of the size of the price gap.
Earlier on, Reuters had reported that Cambuhy and Itaúsa had offered between 3.3 billion and 3.5 billion reais ($1 billion to $1.1 billion) for Alpargatas.
The sale of Alpargatas would provide J&F with funds to pay for plea bargains and fines incurred as part of the complicated scandal that has engulfed it. It involves another of its companies, meat and leather producer JBS.
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