May 2, 2019 / 10:56 AM / 21 days ago

BRIEF-SAG GEST Receives Takeover Bid From Shareholder, To Sell Automotive Biz To Porsche

May 2(Reuters) - SAG GEST - SOLUÇÕES AUTOMOVEIS GLOBAIS SA :

* SAID ON TUESDAY JOAO PEREIRA COUTINHO LAUNCHES VOLUNTARY TAKEOVER BID FOR SHARES REPRESENTING SHARE CAPITAL OF SAG GEST

* OFFERER CURRENTLY HOLDS 88.86 PCT OF VOTING RIGHTS OF SAG GEST

* PRICE OF BID AT 0.0615 EUROS PER SHARE, TO BE PAID IN CASH

* REACHES AGREEMENT WITH PORSCHE HOLDING (PHS) TO SELL SAG’S AUTOMOTIVE BUSINESS, CURRENTLY OPERATED BY SOCIEDADE DE IMPORTAÇÃO DE VEÍCULOS AUTOMÓVEIS (SIVA)

* TRANSACTION IS SUBJECT TO SUCCESSFUL AND FINAL COMPLETION OF TAKEOVER BID

* FY CONSOLIDATED TURNOVER DOWN 13.7 PERCENT TO 535.1 MILLION EUROS

* FY RECURRENT CONSOLIDATED EBITDA WAS NEGATIVE 0.7 MILLION EUROS

* FY CONSOLIDATED NET LOSS 176.9 MILLION EUROS

* EXPECTS SALE OF DISTRIBUTION AND AUTOMOTIVE RETAIL BUSINESS TO PORSCHE TO END DURING 2019

* TO MAKE FINAL REVISION TO 2018 CONSOLIDATED FINANCIAL STATEMENTS TO REFLECT OPERATIONS WHICH UNDERLIE TRANSACTION WITH PORSCHE

* TO DISCLOSE 2018 FINANCIAL STATEMENTS ON MAY 8

Source text: bit.ly/2UTl1wW bit.ly/2GNQYSc bit.ly/2ZR7J7C bit.ly/2LjdEiM

Further company coverage: (Gdynia Newsroom)

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