By Brazil Stock Guide – CMA Terminals Atlantic has completed its tender offer for Santos Brasil Participações S.A. (B3: STBP3), marking the company’s delisting from B3’s Novo Mercado premium segment and the end of its run as a publicly traded firm.
The deal, worth about R$5.23 billion ($954 million), saw CMA acquire 363.6 million shares, equivalent to 42.1% of Santos Brasil’s capital, boosting its stake to roughly 93.1%.
The auction cleared at R$14.38 per share, with the price accruing Brazil’s Selic benchmark interest rate until settlement on Sept. 16, 2025.
Minority shareholders who did not tender into the auction have until Dec. 11, 2025, or the date of a potential compulsory squeeze-out, whichever comes first, to sell their shares privately to CMA through the company’s bookkeeper, Itaú Corretora. Trades executed on the exchange may not qualify for Selic adjustment on the offer price.
What’s next
The deal cements CMA CGM’s foothold in Brazil’s container terminal sector, in line with the French group’s strategy to expand port infrastructure across Latin America. For holdout investors, the three-month window offers a final chance to cash out before the company completes its transition to private ownership
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