Following a year of negotiations, Brazilian shoe and apparel firm Sao Paulo Alpargatas has acquired a 60.17% stake in Alpargatas Argentina. The move makes the bi-national corporation leader in the footwear sector across Mercosur and Latin America.

It is hoped the move will further strengthen growth of the Argentinean Topper brand which reportedly already accounts for 33% of shoe sales in Argentina. The Argentinean firm was established in 1885 and mainly operates in the sports and casual shoe segments.

Combined sales for the two companies totalled US$900 million in 2007, having produced approximately 250 million pairs of shoes.