By Brazil Stock Guide –Wilson Sons S.A. (B3: PORT3) said on Sept. 15, 2025 that its controlling shareholder, SAS Shipping Agencies Services Sàrl, a unit of the Mediterranean Shipping Company (MSC), will launch a tender offer worth R$2.47 billion ($490 million). The bid of R$17.50 per share seeks to delist the company from B3’s Novo Mercado and cancel its registration as a public issuer. The auction is scheduled for Oct. 23, 2025.
Control already changed hands
The offer follows MSC’s purchase of Wilson Sons’ controlling stake, completed in June 2025. In October 2024, SAS acquired 56.4% of the company for R$4.35 billion (~$870 million) at R$17.50 per share. It had previously bought an additional 12% stake on the market, lifting its total holding to 68.1%. The offer price represents a 10.5% premium over the 120-day average before the deal and is 2.5% above the fair value calculated by Apsis Consultoria.
This transaction ensures equal treatment for all shareholders and matches the price paid to the former controller.
The tender covers up to 141.35 million shares, or 30.6% of capital. Deregistration requires approval from two-thirds of eligible minority shareholders. Delisting from Novo Mercado can still move ahead with backing from one-third of shareholders, even if the deregistration threshold is not reached. Investors will also have up to three additional months after the auction to sell shares at the same price.
Strategic assets
The delisting will end nearly two decades of Wilson Sons as a listed company. Founded in 1837, Wilson Sons is one of Brazil’s oldest port and maritime logistics operators. Its portfolio includes the Tecon Rio Grande terminal in Rio Grande do Sul and Tecon Salvador in Bahia, a bonded logistics center in Santo André (SP), more than 80 tugboats operating along Brazil’s coast, a shipyard in Guarujá (SP), offshore support bases in Rio de Janeiro, Niterói and Salvador, and maritime agency services connecting shippers, cargo and ports.
For MSC, the deal secures control of strategic infrastructure in Brazil, a key hub for agribusiness, oil and gas, and global trade. The move strengthens its global integration strategy, combining container shipping with port, logistics and offshore infrastructure in Brazil.
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