Article: Peru : Votorantim secures 35% of Milpo with new share purchases.

Byline: pinto03

Brazil's Votorantim Metais has increased its stake in Peruvian miner Milpo to roughly 35% following two large rounds of share purchases in recent days, a representative with Milpo told BNamericas Friday.

On August 20 the Brazilian company added some 18.7mn shares to its ownership in Milpo, equal to 2.08% of the Peruvian, at a total price of nearly 164mn soles (US$55.9mn) or 8.75 soles/share.

Votorantim also bought 51.6mn shares equal to 5.75% of the company at 7.40 soles/share, or 389mn soles, on August 18, according to a statement by Milpo to securities regulator Conasev.

The Brazilian has been reportedly trying to take ...

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