June 26, 2017 / 9:20 PM / 2 years ago

Itaúsa, Cambuhy team up for control of Brazil's Alpargatas

SAO PAULO, June 26 (Reuters) - Itaúsa Investimentos SA has teamed up with Brazilian investment firm Cambuhy Investimentos Ltda to buy a majority stake in Alpargatas SA, whose controlling shareholder is already working on a sale.

In a Monday securities filing, Itaúsa said it has extended a proposal to buy all the shares J&F Investimentos SA has in Alpargatas, splitting them equally with Cambuhy. Itaúsa is the investment holding family that oversees the assets of the three families that control Itaú Unibanco Holding SA, Brazil’s No. 1 bank.

Reuters reported Cambuhy’s interest in Alpargatas on June 16. J&F is stepping up asset divestitures to raise cash and pay for a 10.3 billion real ($3.1 billion) leniency fine with Brazilian prosecutors. J&F’s leniency fine, the world’s biggest to date, was imposed after members of Brazil’s Batista family admitted to bribing almost 2,000 politicians.

$1 = 3.2958 reais Reporting by Guillermo Parra-Bernal

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