logo
Share SHARE
FONT-SIZE Plus   Neg

Foraco Int'l Enters Into Binding Agreement To Buy WFS Sondagem - Quick Facts

Foraco International SA (FAR.TO) announced that it has entered into a binding agreement to acquire WFS Sondagem LTDA, or "Servitec". Servitec is the second largest mineral drilling company in Brazil and has provided diamond and reverse circulation drilling services for major and junior mining companies in Brazil since 2000.

The first step of the proposed transaction will be the acquisition of a 51% controlling interest in Servitec, in consideration for Cash consideration of R$ 35.65 million or approximately US$20.6 million upon closing; 4.82 million shares of Foraco, out of which 1.30 million shares are currently held by Foraco.

The closing of the transaction is scheduled to take place in April 2012.

The parties have a call and a put option to transfer the remaining 49% of Servitec's share capital. This second step of the transaction is due to take place in 2015.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Computer and printer maker Hewlett-Packard Co. said Thursday after the markets closed that its second quarter profit fell 21% from last year, hurt by lower revenue and costs related to the planned separation of the company. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast. Accounting software maker Intuit reported a plunge in third-quarter profit, hurt by impairment charges, even as results topped Wall Street estimates, driven by growth in small business segment amid a strong tax season. Struggling teen-apparel retailer Aeropostale Inc. (ARO), Thursday said its first-quarter loss narrowed from a year ago, driven largely by stronger margins even as revenues continued to plunge dropped. Nevertheless, the company lost almost one-fifth of its market value in after-hours trade, with the...
comments powered by Disqus
Follow RTT