Colombia's financial supervisory authority gives go-ahead for Brazilian wood panel producer Duratex to acquire controlling stake in Tablemac; deal to raise shareholding to 52% from 37% is expected to close by Jan. 20
January 8, 2014
– Sao Paulo, Brazil-based wood panels giant Duratex S.A. has been granted permission to take a controlling stake in Colombian MDF and particleboard producer Tablemac S.A., Wood Based Panels International reported on Jan. 7.
Duratex issued a statement on Sept. 2 last year informing shareholders that it had entered a plea with Colombia's financial supervisory authority, Superintendencia Financiera de Colombia, to acquire an additional equity stake in Tablemac that would raise its 37% stake in the company to 52%.
The authority granted permission for the deal in December, reported WBPI, and Duratex expects to complete the deal by Jan. 20. The company has offered COP$8.60 (Columbian pesos) per share, making the deal worth around US$28.3 million.
Duratex first secured a 25% stake in Tablemac, which runs Columbia's first MDF line, in May 2012, and has steadily strengthened its hold on the company since then, noted WBPI.
The primary source of this article is Wood Based Panels International, London, on Jan. 7, 2014, and Industry Intelligence archives.