Ocean Wilsons to sell its majority stake in Wilson Sons in $765 deal (updated)
21/10/2024 08:05
(Adds details and background from paragraph 2)
Oct 21 (Reuters) -
Investment holding company Ocean Wilsons OCN.L on Monday
agreed to sell its 56.47% stake in its unit Wilson Sons
PORT3.SA to SAS Shipping Agencies Services Sàrl (SAS) for
4.352 billion reais ($764.9 million).
London-listed Ocean Wilsons, which is the controlling
shareholder of Brazilian shipping firm Wilson Sons, last June
said it was reviewing its investment in the firm.
"The Board believes that it is a compelling time to realise
its investment," Caroline Foulger, Ocean Wilsons' chair, said
in a statement.
SAS is a unit of MSC Mediterranean Shipping Company SA
(MSC), a privately-held Swiss shipping group, which has been
expanding its presence in Brazil through investments and
acquisitions.
Ocean Wilsons said it expects to return a portion of the
deal proceeds as special dividends and is considering
re-investing the rest into its diversified portfolio business,
Ocean Wilsons (Investments) Limited.
($1 = 5.6894 reais)
(Reporting by Yamini Kalia in Bengaluru; Editing by Sonia
Cheema)
((Yamini.Kalia@thomsonreuters.com;))