Patagon M&A - LatAm - Votorantim raises its stake in Peru miner Milpo
LIMA, April 12 (Reuters) - Brazil-based Votorantim Industrial SA raised its stake in the Peruvian polymetallic miner Milpo to 80.24 percent from 60.07 percent in a 579 million sole ($177 million) acquisition of shares, the company said on Tuesday.
Votorantim, Brazil's largest diversified industrial conglomerate, paid 2.18 soles a share in the transaction. Milpos's share price fell 0.86 percent on Lima's stock market afterward.
Milpo is a major producer of zinc and lead.
Votorantim has been taking steps to reduce debt and expand outside Brazil to keep up profitability levels, its chief executive said last week.
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