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Provider: Thomson Reuters StreetEvents

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EcoRodovias Infraestrutura e Logistica SA Announces Further Details on Subsidiary's Acquisition of Certain Areas in Porto de Santos

Wednesday, 8 Aug 2012 01:15pm EDT 

EcoRodovias Infraestrutura e Logistica SA announced that the National Audit Court (TCU) issued a regulatory decision regarding the transfer of areas of Tecondi - Terminal de Conteineres da Margem Direita SA (Tecondi). The administrative proceeding pending before the TCU was indentified during the due diligence for the acquisition of Tecondi and the decision says that the questions related to the lease contract originally established cannot be attributed to Tecondi and therefore the contract was considered fully valid and in force. In this decision, the TCU recommends Companhia Docas de Sao Paulo (CODESP) not to add new areas of Tecondi and not to automatically extend the contract whose matter is being regulated by the National Agency for Waterway Transportation (ANTAQ). Tecondi will proceed normally in its activities without any alteration in its configuration with the continuity of service provision. The Company will keep the market updated on the matter. 

Company Quote

-0.15 -1.05%
12:43pm EDT