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| Havainas flip-flop brand sold for $1.1bn, netting windfall for family at centre of Brazil's corruption scandal | Havainas flip-flop brand sold for $1.1bn, netting windfall for family at centre of Brazil's corruption scandal |
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| The family at the centre of Brazil’s political crisis agreed to sell its stake in the Havaianas flip-flop business for 3.5bn reais ($1.1bn, £850m), part of an asset sell-off to pay down legal settlements. | The family at the centre of Brazil’s political crisis agreed to sell its stake in the Havaianas flip-flop business for 3.5bn reais ($1.1bn, £850m), part of an asset sell-off to pay down legal settlements. |
| The deal hands control of one of the nation’s most iconic consumer brands to Cambuhy Investimentos and Brasil Warrant, both run by the Moreira Salles family, and Itausa - Investimentos Itau, backed by the Setubal family. | The deal hands control of one of the nation’s most iconic consumer brands to Cambuhy Investimentos and Brasil Warrant, both run by the Moreira Salles family, and Itausa - Investimentos Itau, backed by the Setubal family. |
| The investors will pay 14.25 reais per common share and 11.40 reais per preferred share to acquire 54 percent of Havaianas parent company Alpargatas, according to a statement released on Wednesday. | The investors will pay 14.25 reais per common share and 11.40 reais per preferred share to acquire 54 percent of Havaianas parent company Alpargatas, according to a statement released on Wednesday. |
| The transaction marks the end of an almost two-year period where Havaianas was under the control of J&F Investimentos, the holding company of brothers Wesley and Joesley Batista. | The transaction marks the end of an almost two-year period where Havaianas was under the control of J&F Investimentos, the holding company of brothers Wesley and Joesley Batista. |
| The firm agreed last month to pay 10.3bn reais as part of a leniency agreement with Brazilian authorities after the brothers, who run meat producer JBS, confessed to corruption and other crimes. The admissions have led to a spiraling scandal that put President Michel Temer’s mandate in jeopardy. | The firm agreed last month to pay 10.3bn reais as part of a leniency agreement with Brazilian authorities after the brothers, who run meat producer JBS, confessed to corruption and other crimes. The admissions have led to a spiraling scandal that put President Michel Temer’s mandate in jeopardy. |
| The move comes less than a month after J&F said it was in talks to sell pulpmaker Eldorado Brasil Celulose to Chile’s Celulosa Arauco y Constitucion, which made an offer of about 14bn reais including debt, according to a person with direct knowledge of the matter. J&F plans to raise at least 8bn reais through divestments that also include dairy company Vigor Alimentos, S&P Global Ratings said in a report last month. | The move comes less than a month after J&F said it was in talks to sell pulpmaker Eldorado Brasil Celulose to Chile’s Celulosa Arauco y Constitucion, which made an offer of about 14bn reais including debt, according to a person with direct knowledge of the matter. J&F plans to raise at least 8bn reais through divestments that also include dairy company Vigor Alimentos, S&P Global Ratings said in a report last month. |
| Alpargatas rose 1.4 per cent to 14.20 reais at the close Wednesday, the highest since November 2013. | Alpargatas rose 1.4 per cent to 14.20 reais at the close Wednesday, the highest since November 2013. |
| The Batista brothers agreed to buy control of Alpargatas in late 2015 using a 2.67bn-real loan from government-owned Caixa Economica Federal in a deal that’s being investigated by the country’s audit court. | The Batista brothers agreed to buy control of Alpargatas in late 2015 using a 2.67bn-real loan from government-owned Caixa Economica Federal in a deal that’s being investigated by the country’s audit court. |
| Cambuhy was established in 2011 by the billionaire co-chairman of Itau Unibanco Holding, Pedro Moreira Salles, who has a 31 percent stake in the private equity firm. The Moreira Salles clan, with a combined fortune of about $20.8bn, and the Setubals are the families who jointly control Itau, Latin America’s largest bank by market value. | Cambuhy was established in 2011 by the billionaire co-chairman of Itau Unibanco Holding, Pedro Moreira Salles, who has a 31 percent stake in the private equity firm. The Moreira Salles clan, with a combined fortune of about $20.8bn, and the Setubals are the families who jointly control Itau, Latin America’s largest bank by market value. |
| Buying Havaianas gives new owners a brand worn by the likes of Kim Kardashian and Gwyneth Paltrow. The footwear sits atop the global flip-flop hierarchy, with a Swarovski-encrusted pair retailing for $70 at Saks Fifth Avenue. | Buying Havaianas gives new owners a brand worn by the likes of Kim Kardashian and Gwyneth Paltrow. The footwear sits atop the global flip-flop hierarchy, with a Swarovski-encrusted pair retailing for $70 at Saks Fifth Avenue. |
| Bloomberg | Bloomberg |