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
A federal judge has dismissed a lawsuit that accused Starbucks (SBUX) of cheating customers by "under-filling" its cold beverages. The lawsuit alleged that Starbucks is deceiving its customers by serving iced drinks with too much ice cubes and less coffee "than advertised." "If children have figured... Apparel retailer Guess? Inc. (GES) on Wednesday reported an increase in profit for the second quarter, despite lower-than-expected revenues reflecting a one-time gain. Earnings for the quarter easily trumped Wall Street estimates, sending the company's stock up over 14 percent in extended hours. Guess'... HP Inc. (HPQ) on Wednesday reported a drop in profit for the third quarter hurt largely by a 4 percent drop in revenues as the company continues to struggle with weak demand for printers. Shares of the computer and printer maker slipped 5 percent in extended session after it detailed a weak fourth quarter...
comments powered by Disqus
Follow RTT