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Australian investment firm Babcock & Brown Ltd. has bought a 10 per cent stake in Portuguese highway operator Brisa , Brisa's leading shareholder said today.
The Jose de Mello group, Brisa's leading shareholder with a 30 per cent stake, said in a statement it had bought a Brisa stake of 9.52 per cent from Portuguese bank Millennium bcp and sold a 10 per cent stake to Babcock.
The operations were both carried out at a price of 9.85 euros ($18.07) per Brisa share, Mello said.
Jose de Mello said making a "global player" like Babcock a Brisa shareholder should sharply boost Brisa's strategy of growth in international markets.
Jose de Mello's Chief Executive Jorge Goncalves told Reuters that Babcock would be a "long-term partner that is very important for Brisa."
Brisa closed 0.82 per cent lower at 9.68 euros Wednesday.
A proposed merger between Spanish and Italian highway operators Abertis Infraestructuras SA and Atlantia has prompted analysts to say that Brisa, which operates more than one-half of Portugal's highways, could be an attractive takeover target.
- REUTERS
