August 8, 2018 / 7:22 PM / 4 months ago

Brazil conglomerate Votorantim says still eyeing acquisition targets

SAO PAULO (Reuters) - Brazilian conglomerate Votorantim Participações SA [VOTOR.UL] is looking for acquisition targets in infrastructure, energy and real estate to invest the proceeds of the sale of its stake in pulpmaker Fibria Celulose SA, senior executives said on Wednesday.

Chief Executive Officer Joao Miranda told journalists the group is planning to invest in industries that will provide a more stable stream of dividends. “We are still considering which would be the best segments to invest within infrastructure”, Miranda said.

Votorantim agreed last March to sell its controlling stake in Fibria to Brazilian rival Suzano Papel e Celulose SA, and expects to close the deal by year-end, after approval of regulators in Brazil, the United States, Europe and Asia.

The company announced on Wednesday the development of an app by its foundation for social development to help voters chose their candidates in the upcoming October elections.

Reporting by Tatiana Bautzer; editing by Jonathan Oatis

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